Tesoro Enters into Share Purchase Agreement to Sell 100% of its Colombian Subsidiary
Vancouver, BC / TheNewswire / October 5, 2015 - Tesoro Minerals Corp.. (the "Company" or "Tesoro") (TSX-V: TES) is pleased to announce that the Company entered into a Share Purchase Agreement (the "Agreement") with Oro Exploration Ltd. ("Oro") to sell 100% of the outstanding shares of the Company's 100% owned Colombian subsidiary, Oro Barracuda S.A.S. ("OBSAS").
Under the terms of the Agreement, Tesoro will receive 10% of the issued share capital in Oro after the initial private placement of shares, and may participate in the initial Private Placement under the same terms offered to all investors to increase its share of Oro to 20%. Thereafter Tesoro has the option to participate at the 10% level in future financings of Oro, and retains a Right of First Offer on any mineral property generated by Oro excluding those currently held by OBSAS.
Tesoro will retain a 1% NSR on any OBSAS mineral title. Oro has the right to buy back the NSR for one million USD.
Tesoro retains certain rights pertaining to ongoing legal claims against specific Colombian entities which historically have not acted in the Company's best interests.
About Oro Exploration Ltd.
Oro is a Vancouver based, privately held, mineral exploration company currently focused in Colombia. Oro is led by geologist's Darren Bahrey and Eric Grill who have a track record in making gold discoveries and defining multimillion ounce gold deposits. Together they founded Oro Gold Resources Ltd. in 2004, an exploration company successful in making low-cost property acquisitions, defining economic resource deposits to put into production, creating shareholder value, and is now operating as a mining company. Oro's business strategy to creating value and rewarding its shareholders is by identifying, acquiring, adding value through low-cost, systematic exploration to precious metal properties that have the potential to host a significant economic resource, and evaluation to define a mineable deposit.
About Tesoro Minerals Corp.
The Company has assembled a team of experienced geoscientists with extensive exploration experience in the Americas with the aim of acquiring other assets.
On Behalf of Tesoro Minerals Corp.
"Peter Tegart"
Peter Tegart, President and CEO
For further information contact Peter Tegart by email at peter.tegart@gmail.com.
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.
This press release contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performances or achievements of the Company to be materially different from the results, performances or expectations implied by these forward looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.
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