Tocvan Ventures Corp. (CSE:TOC) revealed that it has closed the third and final tranche of its previously announced non-brokered private placement of units for gross proceeds of $130,505, which will be funneled into advancing the Pilar and El Picacho gold-silver projects in Sonora, Mexico.
The Calgary, Alberta-based exploration development company noted that this is in addition to gross proceeds of $507,718.60 previously announced on January 30, 2023 and February 6, 2023. A total of $638,223.60 has been raised in the private placement, it added.
“We are excited to close this round of financing that will be utilized to accelerate exploration and development efforts on our projects in Mexico,” Tocvan Ventures CEO Brodie Sutherland said in a statement.
READ: Tocvan Ventures closes second tranche of non-brokered private placement
“As bulk sampling and preparation for the next phases of drilling advance, we look forward to updating our shareholders,” he added.
The final tranche offering consisted of the issuance of an aggregate of 250,971 units at a price of $0.52 per unit. Each unit consisted of one common share and one-half common share purchase warrant. Each warrant entitles the holder to acquire one common share at a price of $0.62, for a period of 18 months from the closing of the offering.
Tocvan paid aggregate cash commissions to one arm’s length finder who assisted with the offering of $13,050.50 and issued 25,097 finder warrants. Each finder warrant is exercisable at a price of $0.52 per common share for a period of 18 months from the closing of the offering.
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.
The company has approximately 38.54 million shares outstanding and is earning 100% into two exciting opportunities in Sonora, Mexico: the Pilar gold-silver project and the El Picacho gold-silver project.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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