Shaw and Partners has been appointed as Lead Manager to the proposed A$5.0 million capital raising by Tesoro Gold Limited (ASX.TSO)

The Company is seeking to raise approximately A$5.0 million by issuing approximately 83.3 million new ordinary fully paid shares issued at $0.06 per share by way of a single tranche institutional placement.

The company reserves the right to take up to A$2.0m in oversubscriptions subject to demand. 

Tesoro Gold Limited (Tesoro Gold or TSO) is headquartered in Perth, and was established with a strategy of acquiring, exploring, and developing mining projects in the Coastal Cordillera region of Chile.  The Coastal Cordillera region is host to multiple world class copper and gold mines, has well established infrastructure, service providers and an experienced mining workforce. Large areas of the Coastal Cordillera remain unexplored due to the unconsolidated nature of mining concession ownership, but Tesoro, via its in-country network and experience has been able secure rights to a district scale gold project in-line with the Company’s strategy. Tesoro’s 95% owned Chilean subsidiary owns 85% of the El Zorro Gold Project.

The offer is available to Australian Sophisticated and Professional Investors only.