Vancouver, BC / ACCESSWIRE / May 28, 2014 / Tesoro Minerals Corp. (the "Company") (TSX-V: TES) announces that it has entered into shares for debt agreements ("Agreements") with each of six creditors of the Company pursuant to which the Company has agreed to issue an aggregate of 4,005,264 common shares ("Shares") at a deemed price of $0.10 per Share. The amount of indebtedness settled by the Agreements is $441,741.91, which represents outstanding amounts for services provided by the creditors to the Company. The Company chose to settle this outstanding indebtedness with Shares as part of its plans to move the Company forward and in order to preserve its funds for operations.
The issuance of shares is subject to the approval of the TSX Venture Exchange (the "Exchange"). The Company will issue the Shares once the issuance has been approved by the Exchange.
About Tesoro Minerals Corp.
Tesoro Minerals Corp. is a mineral exploration company with major land positions in three of Colombia's gold regions including Antioquia, Tolima-Quindio, and Santander-Norte de Santander. The Company shares trade on the TSX Venture Exchange under the symbol TES.
On Behalf of Tesoro Minerals Corp.
Peter Tegart, President and CEO
For further information contact Peter Tegart by email at [email protected] or 604-352-0699.
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.