|By Marketwired .||
|December 18, 2013 07:00 AM EST|
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 12/18/13 -- Tesoro Minerals Corp. (the "Company") (TSX VENTURE: TES) is pleased to announce it has closed the first tranche (the "First Tranche") of a non-brokered private placement previously announced on November 25, 2013 (the "Offering").
The Company is also pleased to announce that it has increased the size of the Offering from the previously announced $1,300,000 to total gross proceeds of up to $1,800,000.
The Offering is expected to be comprised of up to 18,000,000 units ("Units") at a price of 0.10 per Unit for gross proceeds of up to $1,800,000. Each Unit will comprise one common share ("Common Share") and one common share purchase warrant (the "Warrants"). Each Warrant will entitle 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 First Tranche comprised 4,550,000 Units. The Company paid finder's fees for the First Tranche of 7% cash and 7% Broker Warrants for a total of 318,500 Broker Warrants.
The Common Shares issued in the First 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 on April 18, 2014.
Completion of the First Tranche and the Offering is subject to the final approval of the TSX Venture Exchange.
The net proceeds from the First Tranche and the Offering will be used for the 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.
Tesoro Minerals Corp.