Tesoro Minerals Corp. (TSXV: TES) closed a C$1 million non-brokered private placement, issuing 10 million common shares at C$0.10 per share, the company announced.
The offering was initially unveiled on September 3 with a target of up to C$600,000. By September 14, the target had been increased first to C$750,000 and then raised again to C$1 million later that day, before closing.
Aggregate cash finder’s fees of C$44,100 were paid to Haywood Securities Inc., representing 6% of gross proceeds from subscribers introduced by the firm. Two company insiders acquired 150,000 shares for C$15,000, a related-party transaction exempt from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101.
All issued shares carry a four-month and one-day hold period under applicable securities laws and TSX Venture Exchange policies, expiring January 24, 2027.
Tesoro said net proceeds will advance its Rumichaca and Cerro Macho properties in Peru, funding fieldwork, data compilation, geological mapping, sampling and induced polarization ground geophysical surveys. The company also pointed to community engagement initiatives and general working capital as uses of the capital. It explicitly stated that none of the proceeds would be allocated to investor relations activities or payments to non-arm’s-length parties.
Tesoro is a junior exploration company focused on precious and base metal projects in Peru.
