|By Marketwired .||
|January 20, 2014 01:04 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/20/14 -- Tesoro Minerals Corp. (the "Company") (TSX VENTURE:TES) is pleased to announce it has closed the third and final tranche (the "Third Tranche") of a non-brokered private placement previously announced on November 25, 2013 (the "Offering"). The Company had previously closed the first tranche of the Offering (the "First Tranche") on December 17, 2013 by issuing 4,550,000 Units, and the second tranche of the Offering (the "Second Tranche") on January 10, 2014 by issuing 10,050,000 Units.
The Offering comprised 18,000,000 units ("Units") at a price of 0.10 per Unit for gross proceeds of $1,800,000. Each Unit comprises 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 Third Tranche comprised 3,400,000 Units. The Company paid finder's fees for part of the Third Tranche of 7% cash and 7% Broker Warrants for a total of 91,000 Broker Warrants. A total of 1,057,000 Broker Warrants have been paid in connection with the Offering.
The Common Shares issued in the Third 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 May 18, 2014.
Completion of the Offering is subject to the final approval of the TSX Venture Exchange.
The net proceeds from 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.
President and CEO