Tesoro Minerals Announces Completion of Over-Subscribed Second Tranche of Private Placement
2019年10月24日 - 10:30PM
(TSX Venture: TES) – Tesoro Minerals Corp., ("Tesoro" or the
"Company") is pleased to announce that, further to the Company's
press releases of August 19, 2019 and September 20, 2019, it has
completed a second tranche (the "Second Tranche”) of its previously
announced non-brokered private placement financing (the "Private
Placement") raising aggregate gross proceeds of $55,000 by the
issuance of 1,100,000 units (a "Unit") at $0.05 per Unit (all
dollar amounts in CAD$). Each Unit consists of one common share (a
"Share") and one transferable common share purchase warrant (each
whole common share purchase warrant, a "Warrant"). Each Warrant
will entitle the holder to purchase one additional Share at a price
of $0.10 per Share for a period of two years from the date hereof.
On September 20, 2019, the Company previously
closed a first tranche of the Private Placement for gross proceeds
of $205,000. The Private Placement was originally to comprise an
offering of up to 5,000,000 Units for gross proceeds of up to
$250,000 however, the Company agreed to increase the size of the
financing due to investor demand. In aggregate, the Company
has issued 5,200,000 Units for total gross proceeds of $260,000
pursuant to the Private Placement.
In connection with the Second Tranche, the
Company paid a finder’s fee to Canaccord Genuity Corp. in respect
of subscribers introduced to the Company, which consisted of a cash
payment of $3,300.
The net proceeds of the Private Placement,
including those from the Second Tranche, are expected to be used by
Tesoro for general working capital and operating expenses to
support business efforts.
All securities issued under the Second Tranche
are subject to a four month and one-day restricted resale period
expiring on February 25, 2020 in accordance with the policies of
the TSX Venture Exchange and applicable securities laws.
About Tesoro
The Company has assembled a team of experienced geoscientists
with extensive exploration experience in the Americas with the aim
of acquiring other assets. For further information on the Company
please contact Peter Tegart, President & CEO at
peter.tegart@gmail.com or at (604) 349-1244.
On Behalf of the Board of
Directors
“Peter Tegart”
Peter Tegart President & Chief Executive Officer
Neither the TSX Venture Exchange nor the
Investment Industry Regulatory Organization of Canada accepts
responsibility for the adequacy or accuracy of this release.
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 of America. The securities have not been and
will not be registered under the United States Securities Act of
1933 (the “U.S. Securities Act”) or any state securities laws and
may not be offered or sold within the United States or to U.S.
Persons (as defined in the U.S. Securities Act) unless registered
under the U.S. Securities Act and applicable state securities laws,
or an exemption from such registration is available.
Cautionary Statements regarding
Forward-Looking Information
Certain statements contained in this press
release constitute forward-looking information. These statements
relate to future events or future performance. The use of any of
the words "could", "intend", "expect", "believe", "will",
"projected", "estimated" and similar expressions and statements
relating to matters that are not historical facts are intended to
identify forward-looking information and are based on the Company's
current belief or assumptions as to the outcome and timing of such
future events. Actual future results may differ materially.
All statements including, without limitation,
statements relating to the anticipated use of proceeds from the
offering as well as any other future plans, objectives or
expectations of the Company are forward-looking statements that
involve various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from the Company's plans or expectations
include risks relating to the availability of capital and
financing, general economic, market or business conditions,
regulatory changes, timeliness of government or regulatory
approvals and other risks detailed herein and from time to time in
the filings made by the Company with securities regulators. The
Company expressly disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new
information, future events or otherwise except as otherwise
required by applicable securities legislation.
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