Proceeds Will Increase Cash Reserves To A$14.8 million
Tesoro Resources Limited (ASX: TSO) has received firm commitments for a Placement to raise approximately A$4.3 million and the company intends to undertake a follow on SPP to raise a further $3 million (before costs), to raise a total of A$7.3 million.
Managing Director, Zeff Reeves, said funds raised pursuant to the Placement and SPP will be used for Resource expansion drilling (43,000m), El Zorro District drilling (10,000m), Scoping Study, corporate administration and for general working capital purposes, including the costs of the capital raising.
“We are pleased to welcome a number of new institutional and sophisticated investors as shareholders of Tesoro and wish to thank all our existing shareholders for their continued support. The Company is well positioned to continue its exceptional exploration success at El Zorro and the rapidly expanding Ternera Gold Deposit,” Mr Reeves said.
For further information please visit: https://www.tesororesources.com.au/
