Tesoro Minerals Corp. Completes Agreement to Sell 100% Of Colombian Subsidary
16.02.2016 | The Newswire
Vancouver, February 16, 2016: Tesoro Minerals Corp. (The "Company" or "Tesoro") (TSX-V: TES) is pleased to announce that the Company has completed an arms length agreement (the "Agreement") with Oro Exploration Ltd. ("Oro") a privately held British Colombia company to sell 100% of the outstanding shares of the Company's 100% owned Colombian subsidiary, Oro Barracuda S.A.S. ("OBSAS")Subsequent to the previous news release dated October 5, 2015, Tesoro has received 10% of the issued share capital in Oro (550,000 shares) after the initial private placement of Oro shares. Tesoro also has the option to participate at the 10% level in future financings of Oro, and will retain a Right of First Offer on any mineral property generated by Oro excluding those currently held by OBSAS.
Tesoro has retained a 1% NSR Royalty on any OBSAS mineral title. Oro has the right to buy back the NSR for $1,000,000 USD.
Tesoro retains certain rights pertaining to ongoing legal claims against specific Colombian entities which purportedly sold a mineral property to the Company.
About Tesoro Minerals Corp.
The Company has assembled a team of experienced geoscientists with extensive exploration experience in the Americas with the aim of acquiring other assets. The Company has also commenced legal proceedings against two former directors.
On Behalf of Tesoro Minerals Corp.
"Peter Tegart"
Peter Tegart, President and CEO
For further information contact Peter Tegart by email at peter.tegart@gmail.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performances or achievements of the Company to be materially different from the results, performances or expectations implied by these forward looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.
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