Tesoro Minerals Corp. said it plans to raise up to C$600,000 through a non-brokered private placement of common shares at C$0.10 each, subject to regulatory approval.
The company intends to issue as many as 6 million shares under the offering, with gross proceeds capped at C$600,000. A finder’s fee of up to 6% of the gross proceeds may be paid in cash, in line with TSX Venture Exchange policies.
Net proceeds will be allocated to advancing the Rumichaca and Cerro Macho projects in Peru, including initial fieldwork, geological mapping, sampling, and induced polarization geophysical surveys. Funds will also support community and social engagement initiatives, as well as general working capital and corporate purposes. No proceeds will be used for investor relations activities or payments to related parties, the company stated.
All securities issued under the placement will be subject to a four-month and one-day hold period, in compliance with securities laws and TSXV requirements. The offering remains contingent on customary conditions, including approval from the TSX Venture Exchange.
Tesoro Minerals, listed on the TSX Venture Exchange under the ticker TES, is a junior exploration company focused on precious and base metal projects in Peru.
