Tesoro Minerals Announces Completion of Private Placement

VANCOUVER, British Columbia, Feb. 05, 2019 (GLOBE NEWSWIRE) --

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Tesoro Minerals Corp. ("Tesoro" or the "Company") is pleased to announce that it has completed its previously announced non-brokered private placement financing (the "Private Placement") raising aggregate gross proceeds of $265,500 by the issuance of 5,310,000 units at $0.05 per unit (all dollar amounts in CAD$). Each Unit consists of one common share (a "Share") and one transferable common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one additional Share at a price of $0.10 per Share for a period of two years from the date hereof.

In connection with the Private Placement, the Company paid a finder's fee in respect of subscribers introduced to the Company, which consisted of a cash payment of $15,930.

The net proceeds of the Private Placement are expected to be used by Tesoro for general working capital and operating expenses to support business efforts.

The Private Placement is subject to final acceptance by the TSX Venture Exchange. All securities issued under the Private Placement are subject to a four month and one-day restricted resale period expiring on June 6, 2019 in accordance with the policies of the TSX Venture Exchange and applicable securities laws.

About Tesoro

The Company has assembled a team of experienced geoscientists with extensive exploration experience in the Americas with the aim of acquiring other assets. For further information on the Company please contact Peter Tegart, President & CEO at [email protected] or at (604) 349-1244.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts
responsibility for the adequacy or accuracy of this release.

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 of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.