Tesoro Minerals Corp. (TSXV: TES) has closed a non-brokered private placement raising C$1,000,000 through the issuance of 10,000,000 common shares at $0.10 per share. The offering was upsized twice from its original C$600,000 target following strong investor demand. Proceeds are earmarked for initial exploration work at the Company's Rumichaca and Cerro Macho properties in Peru, along with community engagement and general working capital. Investors in the junior exploration sector may be watching how quickly Tesoro deploys capital toward fieldwork in the Andean region.

Key Points

  • Tesoro Minerals Corp. (TSXV: TES) is a junior precious and base metals explorer focused on Peru
  • The Company closed a non-brokered private placement for gross proceeds of C$1,000,000 at $0.10 per share
  • The offering was upsized from C$600,000 (September 3) to C$750,000 (September 14) and then to C$1,000,000 on the same day; shares are subject to a hold period expiring January 24, 2027
  • Investors will be watching progress on initial fieldwork, geological mapping, and induced polarization surveys at the Peruvian properties

Offering Upsized Twice on Strong Investor Demand

The offering was originally announced on September 3, 2026, targeting gross proceeds of up to C$600,000. Investor interest prompted a first increase to C$750,000 on September 14, 2026, followed by a further increase to C$1,000,000 later the same day. The final closing issued 10,000,000 common shares at $0.10 each. Haywood Securities Inc. received aggregate cash finder's fees of $44,100, representing 6% of gross proceeds from subscribers it introduced to the Company. All shares carry a four-month and one-day hold period, expiring January 24, 2027, under applicable securities laws and TSX Venture Exchange policies.

Proceeds Directed to Rumichaca and Cerro Macho Fieldwork in Peru

Tesoro disclosed that net proceeds will fund advancement of the Rumichaca and Cerro Macho properties, covering initial fieldwork, data compilation, geological mapping and sampling, and induced polarization ground geophysical surveys. Community and social engagement initiatives in Peru are also planned, alongside general working capital and corporate purposes. The Company confirmed that none of the proceeds will be used for investor relations activities as defined under TSX Venture Exchange policies, and no payments from the offering will flow to non-arm's-length parties of the Company.

Insider Participation Triggers Related-Party Disclosure

Two insiders of Tesoro participated in the offering, collectively acquiring 150,000 shares for aggregate consideration of $15,000. The Company classified this as a related-party transaction under Multilateral Instrument 61-101. However, Tesoro states the offering is exempt from formal valuation and minority shareholder approval requirements under Sections 5.5(b) and 5.7(1)(b) of MI 61-101, as the Company is not listed on a specified market and neither the value of securities issued to, nor consideration paid by, insiders exceeded $2,500,000. The immediate share price impact was not clear from available public information.