Vancouver, BC / ACCESSWIRE / July 8, 2014 / Tesoro Minerals Corp. (the "Company") (TSX-V: TES) is pleased to announce a proposed non-brokered private placement of up to 5,000,000 units at a price of $0.10 per unit (the "Units") for gross proceeds of up to $500,000 (the "Offering").
Each Unit will comprise of one 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 net proceeds from the Private Placement will be used for further evaluation of the Company's gold exploration projects in Colombia and for general corporate purposes.
Subject to TSX Venture Exchange approval, the Company may pay a finder's fee on the gross proceeds of the Offering to qualified parties, payable in cash as well as broker warrants.
Completion of this private placement is subject to the approval of the TSX Venture Exchange.
About Tesoro Minerals Corp.
Tesoro Minerals Corp. (TSX V: 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"
Peter Tegart, President and CEO
For further information contact Peter Tegart by email at [email protected].
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.
SOURCE: Tesoro Minerals Corp.