Offering will fund evaluation of gold exploration projects in Colombia
By Devika Patel
Knoxville, Tenn., Nov. 25 - Tesoro Minerals Corp. said it plans a C$1.3 million non-brokered private placement of units.
The company will sell 13 million units of one common share and one warrant at C$0.10 per unit.
Each five-year warrant will be exercisable at C$0.20 in the first year, C$0.25 in the second year, C$0.30 in the third year, C$0.35 in the fourth year and at C$0.40 in the fifth year. The strike prices are 100%, 150%, 200%, 250% and 300% premiums to the Nov. 22 closing share price of C$0.10.
Proceeds will be used for the evaluation of the company's gold exploration projects in Colombia and for general corporate purposes.
The gold explorer is based in Vancouver, B.C.
| Issuer: | Tesoro Minerals Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.3 million
|
| Units: | 13 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.20 in the first year, C$0.25 in the second year, C$0.30 in the third year, C$0.35 in the fourth year and at C$0.40 in the fifth year
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 25
|
| Stock symbol: | TSX Venture: TES
|
| Stock price: | C$0.10 at close Nov. 22
|
| Market capitalization: | C$918,150
|
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