PERTH (miningweekly.com) – Junior Tesoro Resources on Wednesday revealed that its December share purchase plan (SPP) had closed significantly oversubscribed, with the company receiving valid applications for some A$4.5-million worth of shares.
The applications received exceeded the A$3-million target set by the SPP, Tesoro said.
Tesoro will now conduct a pro-rata scale back of the applications received in excess of the A$3-million target, with eligible shareholders receiving some 66% of the more than 16.8-million shares subscribed for.
The company told shareholders on Wednesday that it was now well funded to carry out its planned exploration and development programmes at its El Zorro gold project, in Chile, and currently had four diamond drill rigs on site to define the Ternera gold deposit.