On February 4, 2026, Tesoro Minerals Corp. closed the transaction. The company announced that it has issued 7,112,500 common shares at a price of CAD 0.08 per share, for aggregate gross proceeds of CAD 569,000.
The transaction has been oversubscribed. In connection with the offering, the company paid a finder's fee of 6% in cash in the amount of CAD 33,840 to Haywood Securities Inc. in respect of subscribers introduced to the company. All securities issued pursuant to the offering are subject to a four-month-and-one-day hold period, expiring on June 5, 2026, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.
Notably, one insider of the company participated in the offering, acquiring 62,500 shares. David B. Elliott acquired ownership of and direction and control over an aggregate 359,500 common shares pursuant to the offering. As a result of the offering and associated dilution, the security holding percentage of Mr. Elliott's beneficial ownership of, or control or direction over, common shares in the capital of the issuer, decreased to less than 10 per cent.
