Each Unit consists of one common share (a 'Share') and one transferable common share purchase warrant (each whole common share purchase warrant, a 'Warrant'). Each Warrant will entitle the holder to purchase one additional Share at a price of
In connection with the Private Placement, the Company paid a finder's fee to
The net proceeds of the Private Placement are expected to be used by Tesoro for general working capital and operating expenses to support business efforts.
All securities issued under the Private Placement are subject to a four month and one-day restricted resale period expiring on
One insider of the Company participated in the Private Placement, thereby making the Private Placement a 'related party transaction', as defined under Multilateral Instrument - Protection of Minority Security Holders in Security Transactions ('MI 61-101'). The Private Placement was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the Company is not listed on a specified market (as set out in Section 5.5(b) of MI 61-101) and the fair market value of the Units issued to, nor the consideration paid by, the insider did not exceed
About Tesoro
The Company has assembled a team of experienced geoscientists with extensive exploration experience in the
Contact:
Tel: (604) 710-2140
Email: info@tesorominerals.com
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in
Cautionary Statements regarding Forward-Looking Information
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words 'could', 'intend', 'expect', 'believe', 'will', 'projected', 'estimated' and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially.
All statements including, without limitation, statements relating to the ability to complete the offering on the proposed terms or at all, anticipated use of proceeds from the Private Placement and receipt of regulatory approvals with respect to the Private Placement as well as any other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the availability of capital and financing, general economic, market or business conditions, regulatory changes, the COVID-19 pandemic or other similar health crisis, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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