Tesoro Gold Ltd (ASX:TSO, OTCQB:TSORF ) is pleased to announce it has received firm commitments for a Placement to raise approximately A$5.4 million.
The Placement was supported by domestic and institutional investors. The issue price under the Placement represents a 7.7% discount to the last closing price and a 19.4% discount to the 15 trading day volume weighted average price (VWAP) for shares in the company up to and including Wednesday, June 8, 2022.
The funds raised from the Placement will be applied towards continued exploration and expansion of gold resources and development of the El Zorro Gold Project in Chile, general working capital and repayment of an unsecured director’s loan (A$200,000 plus 8% lenders fee).
“The strong demand for the placement and the quality of the institutions which have subscribed reflects the exploration success achieved by the Company at El Zorro and the outlook for further growth,” Managing Director, Zeff Reeves, said.
“The recently updated Mineral Resource Estimate of 1.1 million ounces of gold demonstrates the high quality of the Ternera Gold Deposit and this raising will support the continued growth of the resource base at Ternera as well as test some of the exciting targets being delineated at El Zorro.”
Shaw and Partners are acting as Lead Manager to the Placement.
For further information please visit: https://tesorogold.com.au/
