Tesoro Minerals Corp. Announces Closing of Second and Final Tranche of Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 15, 2014) - Tesoro Minerals Corp. (the "Company") (TSX VENTURE:TES) is pleased to announce it has closed the second and final tranche (the "Second Tranche") of a non-brokered private placement previously announced on July 8, 2014 (the "Offering").
The Company closed the Second Tranche of the Offering on August 15, 2014 by issuing 700,000 units (the "Units") at a price of $0.10 per Unit for gross proceeds of $70,000. Each Unit comprised of one common share ("Common Share") and one Common Share purchase warrant (the "Warrants"). Each Warrant entitles the holder to purchase one additional Common Share at a price of $0.20 per Common Share for the first year from the date of issue, and at an additional $0.05 per Common Share for each subsequent year until the expiry of the Warrants five years after the date of issue.
The Company paid finder's fees for certain Units of the Second Tranche totalling $4,900 and 7,000 broker warrants (the "Broker Warrants").
The Common Shares issued in the Second Tranche and the Common Shares to be issued pursuant to the exercise of the Warrants and Broker Warrants are all subject to a hold period expiring December 16, 2014.
Completion of the Second Tranche and the Offering is subject to the final approval of the TSX Venture Exchange.
Pursuant to the Offering, a total of 5,045,000 Units was subscribed for at a price of $0.10 per Unit which included an oversubscription of 45,000 Units and resulted in gross proceeds of $504,500.
The net proceeds from the Offering will be used for further evaluation of the Company's gold exploration projects in Colombia and for general corporate purposes.
About Tesoro Minerals Corp.
Tesoro Minerals Corp. (TSX VENTURE:TES) is a mineral exploration company with major land positions in three of Colombia's most prolific gold regions including Antioquia, Tolima-Quindio, and Santander-Norte de Santander. The Company has assembled a team of experienced geoscientists with extensive exploration experience in the Americas with the aims of advancing its assets towards discovery.
On Behalf of Tesoro Minerals Corp.
Peter Tegart, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
