Montreal, which lost, 2-1, on Tuesday against Mexico's Atlante, finished second in Group C with a 3-1-2 win-loss-tie record.
Puerto Rico and Tauro finished behind Group D winner Santos of Mexico tied on eight points, but the Islanders won the tiebreaker because they beat Tauro 2-1 in their first meeting, and also had more away goals.
In Wednesday's game, Puerto Rico took a 16th minute lead when Telesford nodded in a free kick at the far post after it had been tipped on its way through the penalty area. It was Telesford's third goal in the competition. Noel scored 13 minutes later on an assist from Jonathan Steele.
The Panamanians scored their first shortly before halftime on a Brunette Hay penalty kick in the 43rd minute and equalized when Hay struck again in the 77th minute.