Tesoro raises cash for Chile exploration
PERTH (miningweekly.com) – ASX-listed junior Tesoro Resources will raise some A$5.98-million through a share placement and accelerated pro-rata non-renounceable entitlement offer to fund exploration and development work at the El Zorro gold project, in Chile.
An initial share placement, consisting of more than 54.4-million shares, will be conducted at a price of 6c a share, to sophisticated and professional investors, raising A$3.26-million.
Tesoro will then undertake a one-for-eight accelerated pro-rata non-renounceable entitlement offer, also priced at 6c each, to raise a further A$2.72-million. The entitlement offer will consist of an institutional component, raising A$1.13-million, and a retail component, raising A$1.58-million.
“Tesoro has had exceptional exploration success at the El Zorro gold project since pre-quotation on the ASX in February. We are pleased to have the support of our existing and new shareholders for the next phase of development infill and extensional drilling at the El Zorro project will commence in the coming weeks,” said Tesoro MD Zeff Reeves.
The funds raised will go towards an accelerated drilling programme, which will start in July, as well as exploration and a resource estimation targeting a maiden resource estimate during 2020, along with a detailed metallurgical testwork programme, and the start of a scoping study early in 2021.
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