Tocvan Closes First Tranche of Private Placement for $2.1 Million
Rhea-AI Summary
Tocvan Ventures Corp (CSE:TOC, OTCQB:TCVNF) has closed the first tranche of its non-brokered private placement, raising $2.1 million in gross proceeds. The offering included a significant $1.8 million investment from UK-based Sorbie Bornholm LP. The placement consisted of 4,386,083 Units at $0.48 per Unit, with each unit comprising one common share and one warrant exercisable at $0.75 for 36 months.
The company has commenced RC drilling at its Gran Pilar Gold-Silver Project in Sonora, Mexico. The funds will support drilling efforts, permitting of new drill targets across the expansion area, and preparation for a planned pilot mine in 2025. The proceeds from Sorbie will be released in monthly tranches of $75,000 over 24 months through an escrow arrangement.
AI-generated analysis. Not financial advice.
Positive
- Secured $2.1 million in funding through private placement
- Major institutional backing with $1.8 million from Sorbie Bornholm LP
- Commenced RC drilling expansion program at Gran Pilar Project
- Structured monthly funding release of $75,000 ensures steady cash flow for 24 months
Negative
- Share dilution through issuance of 4,386,083 new units
- Additional dilution from 51,450 finders' warrants and 262,500 shares for corporate finance fee
News Market Reaction – TCVNF
On the day this news was published, TCVNF declined 16.18%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
RC Drilling Underway at Gran Pilar Gold - Silver Project - Expansion Area
CALGARY, AB / ACCESSWIRE / December 11, 2024 / Tocvan Ventures Corp. (the "Company") (CSE:TOC)(OTCQB:TCVNF)(WKN:TV3/A2PE64), is pleased to announce that it has closed a first tranche of its previously announced non-brokered private placement of Units ("Units") for gross proceeds of
"We are excited to close the first tranche and announce RC drilling on the expansion area has commenced." commented, CEO Brodie Sutherland. "This next phase of drilling will focus on the immediate expansion of mineralized trends to the north and northeast of the Main Zone, pushing the boundaries into undrilled areas. Recent surface results have indicated mineralization continues and we look forward to unlocking additional resource potential. Funds will be allocated to advance drilling efforts, permit new drill targets across the broad expansion area, and permit and prepare for the anticipated pilot mine in 2025."
Plate 1. Photos of RC Drilling Restarting at the Gran Pilar Gold-Silver Project, Sonora, Mexico.
In connection with the Offering, the Company paid aggregate cash commissions to arm's length finders who assisted with the Offering of approximately
The Units under the Offering are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation in Canada.
The Offering proceeds from Sorbie will be deposited with a third-party escrow agent and delivered to the Company in monthly tranches of
Use of Proceeds
The proceeds of the raise will go towards the advancement of the Gran Pilar Au-Ag project in Sonora, Mexico.
About Tocvan Ventures Corp.
Tocvan's advancing gold-silver projects are located in the mine-friendly jurisdiction of Sonora, Mexico. Through ongoing exploration programs, Company is unveiling the high-potential at its Gran Pilar Gold-Silver Project where it holds
Tocvan has approximately 51 million shares outstanding.
Cautionary Statement Regarding Forward Looking Statements
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by 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 and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. 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 different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company's business, the Company's formative stage of development and the Company's financial position. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws.
There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue 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
Email: ir@tocvan.ca
The Howard Group
Jeff Walker
VP Howard Group Inc.
403-221-0915
jeff@howardgroupinc.com
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the
U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
SOURCE: Tocvan Ventures Corp
View the original press release on accesswire.com