(TheNewswire)
Calgary, Alberta – TheNewswire - May 9, 2022 – Tocvan VenturesCorp. (the “ Company ”)(CSE:TOC ) ; ( OTC:TCVNF ) ; ( WKN:TV3/A2PE64), is pleased to announcethat i t has closed its previously announcednon-brokered private placement of units (“ Units ”) for grossproceeds of $346,200 (the “ Offering ”). The Offering consisted of theissuance of an aggregate of 432,750 Units at a price of
$0.80 per Unit. Each Unit consists of one common share(“ Common Share ”) in the capital of the Company and one common sharepurchase warrant (“ Warrant ”). Each Warrant entitles the holderthereof to acquire one Common Share at a price of $1.40, for a periodof 24 months from the closing of the Offering.
In connection with the Offering, the Company paid aggregate cashcommissions to arm’s length finders who assisted with the Offeringof approximately $27,696 and issued 34,620 finder warrants(“ FinderWarrants ”). Each Finder Warrant is exercisableat a price of $0.80 per Common Share for a period of 24 months fromthe closing of the 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 $1.65 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 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 32,692,022 Common Shares outstanding.
Discussion on Use of Proceeds
The proceeds of the raise will go towards theadvancement of the Pilar and El Picacho Au-Ag projects in Sonora,Mexico.
At Pilar, results for four drill holes are pending. APhase III program was initiated to define the extent of theestablished Main Zone, while continuing to explore several newprospective trends including 4-T. Advanced metallurgical studies areunderway for bulk material across the property and will evaluate therecovery of gold and silver across mineralized oxide zones exposed atsurface.
At El Picacho, surface exploration mapping and samplinghas been ongoing to define future trench and drill targets.
Webinar Scheduled for Thursday, May12 th
The Company is hosting an investors webinar on Thursday, May 12th at 2:15 PM CST . Please join us as we discuss the Company’s pathforward:
Register here: https://meet.zoho.com/VGAMMqyhNZ
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.
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) 2022 TheNewswire - All rights reserved.