Tesoro secures A$34m for Chile gold project
ASX-listed Tesoro Gold on Tuesday announced a capital raising of A$34-million to fund its El Zorro gold project, in Chile, through to a final investment decision.
The placement comprises the issue of about 641.5-million new fully paid ordinary shares in the company to professional and sophisticated investors at a price of A$0.053 a share.
Proceeds from the placement would initially be applied to prefeasibility studies workstreams and permitting, in parallel with an ongoing district exploration programme to unlock the potential of the broader El Zorro gold district.
“The overwhelming demand received from both existing and new high-quality institutional investors is a reflection of the strength of the El Zorro gold project and highlights both the renewed market awareness in our project and confidence in our strategy," said MD Zeff Reeves.
"This placement provides Tesoro with the funding certainty to complete all feasibility studies, progress approvals and move decisively towards a development decision at El Zorro, while also allowing us to aggressively explore the broader El Zorro project area and unlock its full potential.
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