Tocvan Ventures Corp. (CSE:TOC) announced it has closed a second tranche of its previously announced non-brokered private placement of units for gross proceeds of $306,150.
The company issued an aggregate of 680,333 units at $0.45 each. Each unit includes one share and one warrant exercisable at C$0.60 for 24 months.
The funds will advance the company's Pilar gold-silver project in Sonora, Mexico, with a primary focus on the initial cash payment for the expansion acquisition around Pilar and accelerating the permitting and drilling initiatives leading towards resource development.