Tocvan Closes Oversubscribed Private Placement for $3.15 Million

Rhea-AI Summary

Tocvan Ventures Corp. (CSE:TOC)(OTCQB:TCVNF) has successfully closed an oversubscribed private placement, raising total gross proceeds of $3.15 million. The second tranche raised $1,045,267.20 through the issuance of 2,177,640 Units at $0.48 per Unit, following the first tranche of $2,105,320. Each Unit includes one common share and one warrant exercisable at $0.75 for 36 months.

The company paid approximately $39,744 in cash commissions and issued 82,800 finders' warrants. The proceeds will fund the advancement of the Gran Pilar Au-Ag project in Sonora, Mexico. Currently, results are pending for four RC drill holes in the expansion area, with first results expected soon. Additionally, ten core drill holes were completed across the Main Zone, with initial results anticipated in March.

Positive

• Successfully raised $3.15 million through oversubscribed private placement
• Expansion of drilling program with 14 holes completed (4 RC and 10 core holes)
• 100% control of expansion area for Gran Pilar Au-Ag project

Negative

• Potential dilution from issuance of new shares and warrants
• 36-month warrant exercise period creates long-term dilution risk

CALGARY, AB / ACCESS Newswire / February 18, 2025 / 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 $1,045,267.20 (the "Offering"), this is in addition to the $2,105,320 closed in the first tranche (December 11, 2024 News Release). The second tranche of the Offering consisted of the issuance of an aggregate of 2,177,640 Units at a price of $0.48 per Unit. Each Unit consists of one common share ("Common Share") in the capital of the Company and one common share purchase warrant ("Warrant"). Each Warrant will entitle the holder thereof to acquire one additional Common Share in the capital of the Company at a price of $0.75 for a period of 36 months from the closing of 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 $39,744 and issued 82,800 finders' warrants ("Finders' Warrants"). Each Finder's Warrant is exercisable at a price of $0.48 per Common Share for a period of 36 months from the closing of the Offering.

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.

"Excited to see great support for our Company and our plans to advance expanding gold and silver targets in mine-friendly Sonora." commented, CEO Brodie Sutherland. "With the financing closed we now focus on the next steps quickly advancing us towards resource estimation, new discovery potential and test mining. Our approach has two important fronts: 1) derisking project development through permitting and test mining; 2) the rapidly advancing resource potential of our broader expansion area where we believe two separate mineralized systems of significant size remain untapped for potential."

Use of Proceeds

The proceeds of the raise will go towards the advancement of the Gran Pilar Au-Ag project in Sonora, Mexico.

Update on Drilling

Results for the first ever drilling on the 100% controlled expansion area are pending for four Reverse Circulation (RC) drill holes. All samples for the four RC drill holes are at the lab for assay. First results from the program are expected to be available soon. An additional ten core drill holes were completed across the majority controlled Main Zone. Samples for the first three core drill holes are at the lab for assay. First results for the core program are expected in March.

Figure 1. Western side of Gran Pilar Southern Block. Target map with recently completed drillholes. Pending RC drill results for the 100% controlled expansion area (black dots and traces).

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 100% interests in over 21 square kilometers of prospective area and a majority ownership (51%) in a one square kilometer area shared with Colibri Resources. The Company also holds 100% interest in the Picacho Gold-Silver project in the Caborca Trend of northern Sonora, a trend host to some of the major gold deposits of the region. Management feels both projects represent tremendous opportunity to create shareholder value.

Tocvan currently has 58,893,995 shares outstanding.

Quality Assurance / Quality Control

Rock samples were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company's robust quality assurance / quality control protocol.

Soil Samples were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold and multi-element analysis of soils was completed by aqua regia digestion and ICP-MS finish using a 50-gram nominal weight. Over limit gold values greater than 1 g/t were re-assayed with a more robust aqua regia digestion ad ICP-MS finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising blank samples and certified reference materials were systematically inserted into the sample stream and analyzed as part of the Company's robust quality assurance / quality control protocol.

Brodie A. Sutherland, CEO for Tocvan Ventures Corp. and a qualified person ("QP") as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

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

STAY CONNECTED:

LinkedIn: TOC LinkedIn
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Facebook: TOC Facebook
YouTube: TOC YouTube
Web: tocvan.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 ACCESS Newswire

FAQ

How much did Tocvan Ventures (TCVNF) raise in its latest private placement?

Tocvan Ventures raised a total of $3.15 million, with $1,045,267.20 in the second tranche and $2,105,320 in the first tranche.

What is the exercise price and term for TCVNF's new warrants?

The warrants have an exercise price of $0.75 and are valid for a period of 36 months from the closing of the offering.

How many drill holes has TCVNF completed at the Gran Pilar project?

Tocvan has completed 14 drill holes total: four RC drill holes in the expansion area and ten core drill holes across the Main Zone.

When will TCVNF release the first drill results from Gran Pilar?

First results from the RC drilling program are expected soon, while core drilling results are anticipated in March 2025.