Tesoro Minerals Corp. (TSXV:TES) announced a non-brokered private placement of 13,000,000 units at a price of CAD 0.10 per unit for gross proceeds of CAD 1,300,000 on November 25, 2013. Each unit consists of one common share and one warrant. Each warrant entitles the holder to purchase one additional common share of the company at a price of CAD 0.20 per share for the first year from the date of issue, and at an additional CAD 0.05 per share for each subsequent year until a period of five years after the date of issue. The company may pay a finder's fee in cash and issue broker warrants. The transaction is subject to TSX Venture Exchange approval.

On December 17, 2013, the company closed the first tranche of the transaction. The company issued 4,550,000 units for gross proceeds of CAD 455,000. The company issued securities to 11 investors in the first tranche. As part of the transaction, the company issued 1,100,000 units to David B. Elliott, ITF Millerd Holdings Ltd. invested for 1,000,000 shares, and professional groups invested for 1,700,000 shares. Each warrant issued as part of the unit entitles the holder to purchase one common share at a per share price of CAD 0.20 until December 17, 2014, CAD 0.25 until December 17, 2015, CAD 0.30 until December 17, 2016, CAD 0.35 until December 17, 2017, and CAD 0.40 until December 17, 2018. The company paid 7% of the gross proceeds in cash as finders' fees and issued 318,500 broker warrants to Haywood Securities Inc. The securities being issued as part of the first tranche are subject to a hold period expiring on April 18, 2014. On closing, the investor holds approximately 14.1% of the issuer's outstanding and paid up capital. The transaction is subject to the approval of TSX Venture Exchange.

On December 18, 2013, the company amended the terms of the transaction. The company will now issue 18,000,000 units for gross proceeds of CAD 1,800,000 in the transaction.

On December 20, 2013, the company announced that TSX Venture Exchange has accepted filing documentation with respect to the first tranche of the transaction. The exercise price of the warrant for the first year is CAD 0.20 per share, CAD 0.25 per share for the second year, CAD 0.30 per share for the third year, CAD 0.35 per share for the fourth year, and CAD 0.40 per share for the fifth year.

On January 10, 2014, the company announced that it has closed the second tranche of the transaction. The company issued 10,050,000 units for gross proceeds of CAD 1,005,000. The company paid finder's fees for part of the second tranche of 7% cash and 7% broker warrants for a total of 577,500 broker warrants. The securities issued are subject to a hold period expiring on May 11, 2014.

On January 20, 2014, Tesoro Minerals Corp. closed the transaction. The company issued 3,400,000 units to nine investors for gross proceeds of CAD 340,000 in the third and final tranche of the transaction. Aggregate professional group involvement was for 45,000 units. The company has issued total of 18,000,000 units for gross proceeds of CAD 1,800,000. The company paid finder's fees for part of the third tranche of 7% cash and 7% broker warrants for a total of 1,057,000 broker warrants. The company paid CAD 9,100 to Haywood Securities Inc. along with 91,000 warrants for this tranche. The securities to be issued are subject to a hold period expiring on May 18, 2014.