Tesoro Minerals Announces Upsizing of Private Placement to $750,000
Tesoro upsizes its $750,000 financing to fund initial geophysical surveys for its Peru gold exploration projects.
Tesoro Minerals Corp. has increased its previously announced non-brokered private placement, raising the target gross proceeds from up to $600,000 to up to $750,000. The financing involves the sale of up to 7,500,000 common shares at a fixed price of $0.10 per share.
The company stated that the upsizing is driven by additional investor interest. All shares carry a four-month and one-day hold period. Net proceeds will fund initial fieldwork, geological mapping, sampling, and induced polarization (IP) ground geophysical surveys at the Rumichaca and Cerro Macho properties in Peru, alongside community engagement and general working capital.
Tesoro Minerals Corp. (TES) is executing an upsizing of its capital raise, a direct and expected follow-up to the announcement made on September 3, 2026. The move represents incremental capital rather than a strategic shift. The transaction involves the issuance of 7.5 million new shares against the current 41.4 million outstanding, resulting in approximately 18% dilution.
The shares are priced at $0.10 per share, a figure that aligns with the company’s recent trading range and indicates no premium to the market. The additional $150,000 raised extends the runway for the initial exploration program but does not materially change the company's pre-revenue status or near-term catalyst timeline.
Tesoro Minerals Corp. (TES) is a pre-revenue exploration company focused on early-stage gold projects in Peru. Its flagship assets include the 900-hectare Rumichaca property and the 2,500-hectare Cerro Macho property. The geology features high-sulphidation epithermal gold systems characterized by advanced argillic and silica-alunite alteration, with historical rock sampling showing grades up to 0.42 g/t Au.
The properties have never been drilled. The company recently completed a NI 43-101 technical report and acquired a 100% interest in the assets from Globetrotters Resource Group. The initial exploration plan focuses on geological mapping and induced polarization/magnetic surveys to define drill targets beneath shallow cover.