(TheNewswire)
Calgary, Alberta – TheNewswire - February 17, 2023 . Tocvan VenturesCorp. ( CSE:TOC)(OTC:TCVNF) (WKN:TV3/A2PE64)(“ Tocvan ” or the “ Company ”) ispleased to announce that it has closed the third and final tranche ofits previously announced non-brokered private placement of units(“ Units ”), for gross proceeds of $130,505.00 (the “ Offering ”). This isin addition to gross proceeds of $507,718.60 previously announced onJanuary 30, 2023 and February 6, 2023. A total of $638,223.60 has beenraised in the private placement.
The final tranche Offering consisted of the issuance ofan aggregate of 250,971 Units at a price of $0.52 per Unit.
Each Unit consisted of one common share (“ Common Share ”) inthe capital of the Company and one-half common share purchase warrant(“ Warrant ”). Each Warrant entitles the holder thereof to acquire oneCommon Share at a price of $0.62,
for a period of 18 months from the closing of the Offering.
In connection with the Offering, the Company paidaggregate cash commissions to one arm’s length finder who assistedwith the Offering of approximately $13,050.50 and issued 25,097 finderwarrants (“ FinderWarrants ”). Each Finder Warrant is exercisableat a price of $0.52 per Common Share for a period of 18 months fromthe closing of the Offering.
All securities issued under the Offering are subject toa statutory four month hold period from the closing date of theapplicable Canadian securities laws.
The Company currently has 38,538,853 Common Sharesoutstanding.
“We are excited to close thisround of financing that will be utilized to accelerate exploration anddevelopment efforts on our projects in Mexico”, commented CEO, Brodie Sutherland . “As bulk sampling and preparation forthe next phases of drilling advance, we look forward to updating ourshareholders.”
Use of Proceeds
The proceeds of the raise will go towards theadvancement of the Pilar and El Picacho Au-Ag projects in Sonora,Mexico.
With a primary focus on accelerating a bulk sample and metallurgicaltest work at Pilar that will advance the project towards permittingfor mine development. Further drill planning will also be conductedfollowing up on target areas at Pilar and the recent drill success atEl Picacho.
Notes On the Offering
If, on any 10 consecutive trading days occurring afterfour months and one day has elapsed following the closing date of the Offering, theclosing sales price of the Shares (or the closing bid, if no saleswere reported on a trading day) as quoted on the Canadian Securities Exchange (“ Exchange ”) is greater than CAD $0.90 perCommon Share, the Company may provide notice in writing to the holdersof the Warrants by issuance of a press release that the expiry date ofthe Warrants will be accelerated to the 30 th day after thedate on which the Company issues such press release.
Closing of the Offering is subject to severalconditions, including receipt of all necessary corporate andregulatory approvals, including the Exchange (CSE). All securitiesissued in connection with the Offering will be subject to a statutoryhold period of four months plus a day from the date of issuance inaccordance with applicable securities legislation in Canada as well asthe required legend under applicable U.S. securities legislation. Theproceeds from the Offering will be used for general workingcapital. The Company may pay finders fees andfinder warrants to eligible finders.
About Tocvan VenturesCorp .
Tocvan is a well-structured exploration developmentcompany. Tocvan was created in order to take advantage of theprolonged downturn the junior mining exploration sector, byidentifying and negotiating interest in opportunities where managementfeels they can build upon previous success. Tocvan has approximately38 million shares outstanding and is earning 100% into two excitingopportunities in Sonora, Mexico: the Pilar Gold-Silver project and theEl Picacho Gold-Silver project. Management feels both projectsrepresent tremendous opportunity to create shareholder value.
Cautionary Statement RegardingForward Looking Statements
This news release contains“forward-looking information” which may include, but is notlimited to, statements with respect to the activities, events ordevelopments that the Company expects or anticipates will or may occurin the future. Forward-looking information in this news releaseincludes statements regarding the use of proceeds from the Offering.Such forward-looking information is often, but not always, identifiedby the use of words and phrases such as “plans”, “expects”,“is expected”, “budget”, “scheduled”, “estimates”,“forecasts”, “intends”, “anticipates”, or “believes”or variations (including negative variations) of such words andphrases, or state that certain actions, events or results “may”,“could”, “would”, “might” or “will” be taken, occur orbe achieved.
These forward-looking statements,and any assumptions upon which they are based, are made in good faithand reflect our current judgment regarding the direction of ourbusiness. Management believes that these assumptions are reasonable.Forward-looking information involves known and unknown risks,uncertainties and other factors which may cause the actual results,performance or achievements of the Company to be materially differentfrom any future results, performance or achievements expressed orimplied by the forward-looking information. Such factors include,among others, risks related to the speculative nature of theCompany’s business, the Company’s formative stage of developmentand the Company’s financial position. Forward-looking statementscontained herein are made as of the date of this news release and theCompany disclaims any obligation to update any forward-lookingstatements, whether as a result of new information, future events orresults, except as may be required by applicable securities laws.
There can be no assurance thatforward-looking information will prove to be accurate, as actualresults and future events could differ materially from thoseanticipated in such statements. Accordingly, readers should not placeundue reliance on forward-looking information.
For more information, please contact:
TOCVAN VENTURES CORP.
Brodie A. Sutherland, CEO
820-1130 West Pender St.
Vancouver, BC V6E 4A4
Telephone: 1 888 772 2452
This news release does notconstitute an offer to sell or a solicitation of an offer to sell anyof the securities in the United States. The securities have not beenand will not be registered under the United States Securities Act of1933, as amended (the "U.S. Securities Act") or any statesecurities laws and may not be offered or sold within the UnitedStates or to U.S. Persons unless registered under the U.S. SecuritiesAct and applicable state securities laws or an exemption from suchregistration is available.
Copyright (c) 2023 TheNewswire - All rights reserved.