Tesoro Minerals Corp. intends to raise up to $600,000 in gross proceeds through a non-brokered private placement of up to 6,000,000 common shares priced at $0.10 each.

Closing of the financing remains subject to customary conditions, including the receipt of formal approval from the TSX Venture Exchange. In connection with the placement, a cash finder's fee of up to 6% of the gross proceeds may be payable in accordance with exchange policies. All securities issued under the offering will be subject to a statutory hold period of four months and one day from the closing date in accordance with applicable securities laws and exchange policies.

Net proceeds from the offering will be directed primarily toward advancing the Rumichaca and Cerro Macho properties in Peru. Tesoro plans to use the funds to conduct initial fieldwork, data compilation, geological mapping and sampling, and induced polarization ground geophysical surveys across the projects. Additional portions of the capital will support community and social engagement initiatives, alongside general working capital and corporate purposes. The company confirmed that none of the proceeds will be allocated to investor relations activities or payments to non-arm's length parties.

The exploration push on Rumichaca and Cerro Macho follows the company's successful completion of the acquisition of a 100% interest in both properties in March 2026. Tesoro concentrates its exploration budget on these assets within Peru's Miocene Porphyry-Epithermal Belt while concurrently pursuing the divestiture of non-core concessions in the country's Piura Region.

Read the full announcement: Tesoro Minerals Announces a $600,000 Private Placement