Tesoro Minerals Corp. has increased the size of its previously announced non-brokered private placement from gross proceeds of up to $600,000 to up to $750,000 following additional investor interest.

The conditional financing consists of the sale of up to 7,500,000 common shares at a price of $0.10 per share. Under the terms of the offering, a cash finder's fee of up to 6% may be payable on a portion of the gross proceeds raised from certain purchasers, in accordance with the policies of the TSX Venture Exchange and applicable securities laws. All shares issued pursuant to the placement will be subject to a four-month and one-day statutory hold period from the applicable date of issuance.

The company plans to direct the net proceeds of the financing toward advancing its Rumichaca and Cerro Macho properties in Peru. Planned work programs across the projects include initial fieldwork, data compilation, geological mapping and sampling, and induced polarization ground geophysical surveys. Additional funds will support stakeholder and community engagement activities associated with the exploration programs, alongside general working capital and corporate purposes. Tesoro confirmed that none of the proceeds will be used for investor relations activities or payments to non-arm's length parties.

The closing of the private placement remains subject to customary closing conditions, including the receipt of all necessary regulatory approvals and the formal approval of the TSX Venture Exchange. The company may close the financing in one or more tranches.

Tesoro acquired a 100% interest in the Rumichaca and Cerro Macho properties in Peru, completing a technical report for the underexplored, undrilled high-sulfidation epithermal gold targets. The company plans to deploy the upsized capital directly into initial fieldwork, data compilation, geological mapping and sampling, and induced polarization ground geophysical surveys across the properties.

Read the full announcement: Tesoro Minerals Announces Upsizing of Private Placement to $750,000