Tocvan Closes Oversubscribed Private Placement
Tocvan Ventures Corp. has closed an oversubscribed private placement, raising $420,560 in gross proceeds. The company issued 1,201,600 Units at $0.35 per Unit, resulting in total gross proceeds of $2,520,390. Tocvan also provided an update on the ongoing Reverse Circulation drill program at the Pilar Project in Sonora, Mexico, with first results expected soon.
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Provides Update on Pilar Drill Program
CALGARY, AB / ACCESSWIRE / May 9, 2024 / Tocvan Ventures Corp. (the "Company") (CSE:TOC)(OTCQB:TCVNF) (WKN: TV3/A2PE64), is pleased to announce that it has closed a final tranche of its previously announced non-brokered private placement of Units ("Units"), for gross proceeds of
Update on Pilar Drill Program
A Reverse Circulation (RC) drill program is ongoing at the Company's majority owned Pilar Project in Sonora, Mexico. Since early April, a total of 1,825.4 meters have been drilled across 15 drill holes on the Project to conduct infill and step-out drilling. All samples for the first 15 drill holes are at the lab for assay. First results from the program are expected to be available soon. The Company is pleased with the efficiency of the program and encouraged by target horizons intersected.
Notes on the Offering
In connection with the Offering, the Company paid aggregate cash commissions to arm's length finders who assisted with the Offering of approximately
The company currently has 51,211,519 Common Shares outstanding.
The Company relied on the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions in connection with the distribution of 111,900 free trading common shares under the Offering for proceeds
Use of Proceeds
The proceeds of the raise will go towards the advancement of the Pilar and Picacho Au-Ag projects in Sonora, Mexico.
About Tocvan Ventures Corp.
Tocvan is a well-structured exploration and development company. Tocvan was created in order to take advantage of the prolonged downturn in the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan has approximately 51 million shares outstanding and is earning into two exciting opportunities in Sonora, Mexico. The Company has consolidated an attractive land position at its Pilar Gold-Silver Project where it holds
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
FAQ
How much did Tocvan Ventures Corp. raise in the private placement offering?
Where is the Pilar Project located?
What type of drill program is ongoing at the Pilar Project?
How many Units were issued in the private placement offering by Tocvan?
What will the proceeds of the raise be used for?
