Tesoro Minerals Corp. has expanded its non-brokered private placement for the second time, lifting aggregate gross proceeds to up to C$1,000,000 in response to continued investor demand following its initial launch.

The conditional financing now involves the sale of up to 10,000,000 common shares at a price of C$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 under the placement will carry a statutory hold period of four months and one day from the applicable date of issuance.

The company plans to direct the net proceeds toward advancing the Rumichaca and Cerro Macho properties in Peru. Planned work programs across the Peruvian properties 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 general corporate purposes. The company confirms that none of the proceeds will be allocated to investor relations activities or payments to non-arm's length parties.

Closing of the upsized private placement remains subject to customary closing conditions, including the receipt of all necessary regulatory approvals and formal acceptance from the TSX Venture Exchange. Tesoro Minerals may complete the offering in one or more tranches as the placement proceeds toward final completion.

Read the full announcement: Tesoro Minerals Announces Upsizing of Private Placement to C$1 Million