Company aims to price C$1.8 million of units in total
New York, Jan. 13 - Tesoro Minerals Corp. announced that it completed the second tranche of its non-brokered private placement of units, bringing the size to C$1.46 million.
The company said it still intends to sell further units to bring the amount to C$1.8 million. Tesoro increased the offering to that size on Dec. 18 when it closed the first tranche for C$455,000. Originally the deal was to be for C$1.3 million.
In the latest tranche, Tesoro sold 10,050,000 units. The company paid finder's fees of 7% in cash and 7% in broker warrants for a total of 577,500 broker warrants.
Each unit is being sold at a price of C$0.10 and is made up of one common share and one warrant.
Each five-year warrant is 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$1.8 million (C$1.46 million as of Jan. 13)
|
| Units: | 18 million (14.6 million as of Jan. 13)
|
| 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
|
| Upsized: | Dec. 18
|
| Settlement dates: | Dec. 18 (for C$455,000), Jan. 13 (for C$1,005,000)
|
| Stock symbol: | TSX Venture: TES
|
| Stock price: | C$0.10 at close Nov. 22
|
| Market capitalization: | C$826,340
|
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