Tesoro Gold (ASX:TSO) completes $8m equity raising

• Tesoro Gold (TSO) completes its $8 million equity raising to progress its El Zorro project in Chile
• The company’s placement and entitlement offer were priced at 3.5 cents per share, marking a 5.4 per cent discount to its last closing price before the raise was announced
• This came in conjunction with the opportunity for one free attaching option for every two shares issued via the offer, exercisable at seven cents per option
• The new shares bought under the entitlement offer are expected to be issued on December 13 and will commence trading the following day
• Tesoro Gold is trading at 3.5 cents at 10:58 am AEDT

Tesoro Gold (TSO) has completed its $8 million equity raising to progress its El Zorro project in Chile.

The company today reported it had completed its non-renounceable entitlement offer, which formed part of the cap raise.

The offer was priced at 3.5 cents per share, marking a 5.4 per cent discount to the company’s last closing price before it entered a trading halt.

This came in conjunction with one free attaching option for every two shares issued via the offer, exercisable at seven cents per option.

At the close of offer, the company received applications from eligible shareholders for over 27 million new shares and 13 million attaching options, representing $978,501.83 in proceeds.

A remaining shortfall under the entitlement offer represented $2,836,446 in proceeds, raised through an underwriting and sub-underwriting agreement.

The new shares are expected to be issued on December 13 and will commence trading the following day, ranking equally with fully paid ordinary Tesoro shares.

Tesoro previously told investors it would use the funds to progress work at its Ternera prospect and for regional exploration of the broader El Zorro project.

Tesoro Gold was trading at 3.5 cents at 10:58 am AEDT.