Home Sports Tesoro Gold (ASX: TSO) plans $ 5.4 million for El Zorro –...

Tesoro Gold (ASX: TSO) plans $ 5.4 million for El Zorro – The Market Herald

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  • Tesoro Gold (TSO) Gold Exploration has received a firm commitment to raise $ 5.4 million through a share offering
  • More than 89.9 million shares to be issued to domestic and institutional investors at 6 cents
  • Participants will also receive one option to join for every two shares issued, which can be made at 11 cents for three years from the date of issue
  • Tesoro will use the money from the placement to explore and expand gold resources and develop the El Zorro gold project in Chile
  • Shares of Tesoro fell 12.3 percent to 5.7 cents at the end of the day

Tesoro Gold (TSO), a gold exploration company, has received a firm commitment to raise $ 5.4 million through a share offering.

A total of 89,985,003 shares at the price of 6 cents will be issued to domestic and institutional investors.

This price represents a 7.7 percent discount Tesoro’s closing price was 6.5 cents on June 10 and a discount of 19.4 percent to the 15-day weighted average price.

Participants will also receive one option option for every two shares issued at 11 cents ending three years from the date of issue.

Shaw and Partners will act as lead manager and will receive one option to join for every five shares issued.

Tesoro will use the money from the placement to explore and expand gold resources and develop the El Zorro gold project in Chile.

The money will also be used for total working capital and to repay an unsecured director’s loan of $ 200,000 plus an 8 percent commission to creditors.

The shares are expected to be repaid on June 17 and the placement on June 20.

“The high demand for location and quality of the signatories reflects the company’s success in El Zora and the prospects for further growth,” said CEO Zef Reeves.

“The recently updated mineral resource estimate of 1.1 million ounces of gold demonstrates the high quality of Turner’s gold deposit, and this increase will support the continued growth of Turner’s resource base as well as test some interesting targets set in El Zora. ».

Shares of Tesoro fell 12.3 percent and traded 5.7 cents at market close.

https://themarketherald.com.au/tesoro-gold-asxtso-eyes-5-4m-for-el-zorro-project-2022-06-14/

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