Oro Exploration Ltd. entered into a memorandum of understanding to acquire Oro Barracuda Ltd. from Tesoro Minerals Corp. (TSXV:TES) in stock on January 23, 2015. Tesoro will receive 10% of the issued share capital in Oro Exploration as consideration. Tesoro will retain a 1% NSR on any OBSAS mineral title. The parties will negotiate in good faith to enter into a more formal agreement that is in compliance with the laws of Colombia within 90 days of execution of the memorandum of understanding. As on October 5, 2015, Oro Exploration Ltd. entered into a share purchase agreement to acquire Oro Barracuda Ltd. from Tesoro Minerals Corp. (TSXV:TES).

Oro Exploration Ltd. completed the acquisition of Oro Barracuda Ltd. from Tesoro Minerals Corp. (TSXV:TES) for CAD 27.5 million during January 2016. Oro Exploration Ltd issued 0.55 million shares under the transaction.