(TheNewswire)
Calgary, Alberta – TheNewswire - May 19, 2022 – Tocvan VenturesCorp. (the “ Company ”)(CSE:TOC ) ; ( OTC:TCVNF ) ; ( WKN:TV3/A2PE64), is pleased to announcethat i t has executed an assignment agreement(the “ Agreement ”) for the sale of the Rogers Creek project to CascadeCopper Corp. (“ CascadeCopper ”). The transaction consisted of thesale of the Company’s Rogers Creek project in exchange for 5,000,000common shares of Cascade Copper, a private Alberta company thatintends to complete an initial public offering and list it’s commonshares on a Canadian exchange later this year. The Board of Directorsof the Company has set
May 31, 2022 as the record date for the dividendof 5,000,000 common shares of Cascade Copper to be distributed to theCompany’s shareholders. The distribution of Cascade Copper commonshares was originally structed as a spin-out transaction via a plan ofarrangement, as announced on September 29, 2021, but managementdecided the sale of the Roger’s Creek under the Agreement was a morecost-effective approach to distributing the Cascade Copper commonshares to shareholders.
Each shareholder of record as of the close of businesson May 31, 2022 will receive, on the distribution date, one commonshare of Cascade Copper for every 6.5384044 common shares held in theCompany. The share dividend is expected to be distributed to theCompany’s shareholder on or about the time that Cascade Coppercompletes its initial public offering. No action is required byshareholders in order to receive the common shares of Cascade Copperin the dividend distribution.
“Completing this transaction means we can unlock the value of theRogers Creek asset to our shareholders and ensure it has the focus itdeserves through Cascade Copper”, commented Brodie Sutherland, CEO.“We are excited about the potential of
Cascade Copper and the new management behind it. This also allowsTocvan to focus on its core assets in Sonora, Mexico where we haveseen tremendous growth over the past two years.”
About Cascade Copper and RogersCreek
Cascade Copper will be a new exploration companyfocused on the development of copper-gold focused assets in BritishColumbia. A new management team with extensive experience in theregion is planning an initial public offering of Cascade Copper laterin 2022 on the Canadian stock exchange.
The Rogers Creek Property covers 212.34 km 2 in the CoastalMountain Belt of British Columbia about 90 km northeast of Vancouver,British Columbia. The Rogers Creek project has advanced from a smallshowing discovered on a logging road in 2007 to an advancedexploration stage property with evidence for a large mineralizedsystem. Mineralization is hosted within the Miocene age intrusions ofthe Cascade Magmatic Arc of southwestern British Columbia, which haveseen very little modern exploration.
Porphyry related alteration and mineralization has beenidentified in four (4) target areas on the Rogers Creek Property. Themost extensive zone of alteration/mineralization has been identifiedin Target Areas I and II within a 6 km x 2 km zone which exhibitswidespread propylitic (pyrite-carbonate-chlorite-epidote) alteration.Several stages and styles of mineralization typical of porphyrysystems are present within this zone and have been observed both insurface outcrop and in drill core.
The most interesting mineralization to date wasobserved in drill hole MRC-007 (drilled in 2011), which intersected380 ppm
Cu over 150.9 meters. Drill testing of coincident geological andgeophysical targets at this Target have now been prioritized.
Follow-up work in 2019 relogged and analyzed core with short-waveinfrared (SWIR) confirming alteration clay minerals coincident withporphyry deposits are present and increasing with mineralizationrecorded in drill hole MRC-007.
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.
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