Tesoro Minerals Corp. (TSXV: TES) has announced a second upsizing of its non-brokered private placement, raising the target to aggregate gross proceeds of up to C$1,000,000. The offering, originally launched on September 3, 2026 at C$600,000, was increased twice in a single day — first to C$750,000 and then to C$1,000,000 — citing continued investor interest. Proceeds are intended to fund exploration activities at the company's Rumichaca and Cerro Macho properties in Peru, with investors watching whether the placement closes on its stated terms.

Key Points

  • Tesoro Minerals Corp. (TSXV: TES) is a junior precious and base metals explorer focused on Peru.
  • The private placement has been upsized for a second time, now targeting up to C$1,000,000 in gross proceeds.
  • Up to 10,000,000 common shares will be offered at C$0.10 per share; a finder's fee of up to 6% may apply on a portion of proceeds.
  • Closing remains subject to TSX Venture Exchange approval and other customary regulatory conditions.

Second Upsizing Reflects Investor Demand for Tesoro's Placement

The private placement was originally announced on September 3, 2026 at a target of C$600,000. In a same-day sequence of announcements on September 14, 2026, Tesoro first increased the offering to C$750,000 and then again to C$1,000,000. The company stated the second increase followed additional investor interest. All other terms of the offering remain unchanged from those previously disclosed, including the C$0.10 per share price and the structure of up to 10,000,000 common shares.

How Tesoro Plans to Deploy Proceeds at Rumichaca and Cerro Macho

The company has outlined a specific use-of-proceeds plan. Funds will support initial fieldwork, data compilation, geological mapping, sampling, and induced polarisation ground geophysical surveys at the Rumichaca and Cerro Macho properties in Peru. A portion will also fund community and stakeholder engagement tied to those exploration programs. The remainder will support general working capital. Tesoro confirmed that none of the proceeds will be directed toward investor relations activities, and no payments will be made to non-arm's-length parties.

Finder's Fee, Hold Period, and Regulatory Conditions

A cash finder's fee of up to 6% of gross proceeds may be payable on amounts raised from certain purchasers, consistent with TSX Venture Exchange policies. All shares issued will carry a four-month and one-day statutory hold period from the applicable issuance date under Canadian securities laws. The placement may close in one or more tranches and remains subject to receipt of necessary regulatory approvals, including TSXV approval. The immediate share price impact was not clear from available public information.