USD $4,165.18
Goldman Capital Raising to Enhance Gold Project
Tesoro Gold Limited (ASX:TSO, OTCQB:TSORF) has secured binding commitments to raise approximately A$9.7 million (before costs) at A$0.03 per share through a Placement to advance the El Zorro Gold Project (El Zorro). The proceeds will be used for exploration drilling, project studies, and regional target generation.
HIGHLIGHTS
• Raised approximately A$9.7 million through a Placement.
• Strong demand from Australian, UK, and European specialist precious metals institutions, including a A$1.2 million commitment from strategic partner Gold Fields Limited (JSE:GFI, NYSE:GFI) (Gold Fields).
• Funds allocated for ongoing resource growth of the 1.3 Moz Ternera Gold Deposit (Ternera), exploration of high-priority gold targets near Ternera, including Drone Hill and Ternera East, and further technical and economic studies at El Zorro.
Tesoro Managing Director, Zeff Reeves, commented:
We thank our existing shareholders for their continued support, including our strategic investment partner, Gold Fields. We also warmly welcome several new high-calibre long-term Australian, United Kingdom and European Union based specialist precious metals institutions to our register, who recognise the inherent value of Tesoro and the El Zorro Gold Project. This additional funding will allow us to continue to advance and grow Ternera, undertake target generation and regional exploration drilling, and progress technical and economic study optimisation and more over the coming twelve months.
We continue to work closely with the Gold Fields technical team, who have provided valuable support since their initial investment in November 2022. Their ongoing commitment to Tesoro strongly validates our view that the El Zorro Gold Project has potential to become a significant gold mine.
