(TheNewswire)
Calgary, Alberta – TheNewswire - March 21, 2022 – T ocvan Ventures Corp. (the “ Company ”) (CSE:TOC ) ; ( OTC:TCVNF ) ; ( WKN:TV3/A2PE64), is pleased toannounce that it has closed its previously announced non-brokeredprivate placement of units (“ Units ”) for gross proceeds of $360,803 (the“ Offering ”). The Offering consisted of the issuance of anaggregate of 481,071 Units at a price of $0.75 per Unit. Each Unitconsists of one common share (“ Common Share ”) in the capital of the Companyand one common share purchase warrant (“ Warrant ”). EachWarrant entitles the holder thereof to acquire one Common Share at aprice of $1.35, for a period of 18 months from the closing of theOffering.
In connection with the Offering, the Company paid aggregate cashcommissions to arm’s length finders who assisted with the Offeringof approximately $14,322 and issued 19,096 finder warrants(“ FinderWarrants ”). Each Finder Warrant is exercisableat a price of
$0.75 per Common Share for a period of 18 months from the closing ofthe Offering.
If during any 10 consecutive trading days occurring after four months and one day has elapsed following theclosing date of the Offering, the average closing sales price ofthe Common Shares (or the closing bid, if no sales werereported on a trading day) as quoted on the Canadian SecuritiesExchange (“ CSE ”) is greater than or equal to $1.60 per Common Share, theCompany may provide notice in writing to the holders of the Warrantsby issuance of a press release that the expiry date of the Warrantswill be accelerated to the 30 th day after the date on which the Companyissues such press release.
The participation of one director in the Offering constitutes a"related party transaction" within the meaning ofMultilateral Instrument 61-101 - Protection of Minority Security Holders inSpecial Transactions (" MI 61-101 ") andthe policies of the CSE. The Company is relying upon the exemptionsfrom the formal valuation and minority shareholder approvalrequirements pursuant to sections 5.5(b) and 5.7(1)(a), respectively,of MI 61-101 on the basis that the Company is not listed on aspecified stock exchange and, at the time the Offering was agreed to,neither the fair market value of the subject matter of, nor the fairmarket value of the consideration for, the transaction insofar as itinvolves an interested party (within the meaning of MI 61-101) in theOffering, exceeds 25% of the Company's market capitalizationcalculated in accordance with MI 61-101.
The Offering is subject to all necessary regulatoryapprovals including acceptance from the CSE. All securities issued inconnection with the Offering will be subject to a four-month holdperiod from the closing date under applicable Canadian securitieslaws, in addition to such other restrictions as may apply underapplicable securities laws of jurisdictions outside Canada.
The company currently has 32,228,522 Common Shares outstanding.
Discussion on Use of Proceeds
Proceeds from the Offering will be used to advance thePilar and El-Picacho Au-Ag projects in Sonora, Mexico.
At Pilar, drill results are pending to expand anddefine the extent of the established Main Zone, while continuing toexplore several new prospective trends including 4-T. Advancedmetallurgical studies are underway for bulk material across theproperty and will evaluate the recovery of gold and silver acrossmineralized oxide zones exposed at surface.
Main Zone Highlights:
• Drill Highlight: 94.6m at 1.6 g/t Au, including 9.2m at 10.8g/t Au and 38 g/t Ag
• Trench Highlight: 19.8m at 0.73 g.t Au
• Surface Highlight: 9.2 g/t Au and 279 g/t Ag
• 500-meterprospective trend and growing
4-T Highlights:
• Drill Highlight: 15.3m at 1.1g/t Au
• Trench Highlight: 19.5m at 0.61 g/t Au
• Surface Highlight: 6.6 g/t Au and 433 g/t Ag
• 600-meterprospective trend
At Picacho, reconnaissance mapping and surface samplingwill define trench and drill targets across 6-kilometers ofprospective trend. Priority target areas include San Ramon where a 70-meter underground drive has returned 28 samples ranging from 0.29 to 21.8 g/t Au.
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 approximately32 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.
For more information, please contact:
TOCVAN VENTURES CORP.
Brodie A. Sutherland, CEO
820-1130 West Pender St.
Vancouver, BC V6E 4A4
Telephone: 403-829-9877
Email: bsutherland @tocvan.c a
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.
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