Tocvan Ventures Corp (CSE:TOC) (FRA:TV3) is looking to raise up to US$1.25 million in a private placing for general working capital.
The company, which has assets in Mexico and British Columbia, said it will offer up to 2.5 million units at US$0.50 each.
READ: Tocvan Ventures names Rodrigo Calles-Montijo as new director and Mexico exploration and corporate development manager
Each unit consists of one company share and one share purchase warrant, with each of the latter entitling the holder to buy a further share for US$$0.70 for 18 months from the date the units are issued, subject to an accelerated expiry provision.
Earlier this month, the company said experienced mining industry executive Rodrigo Calles-Montijo will join its board of directors and the group's management team as exploration and corporate development manager, responsible for Mexico.
Tocvan is advancing its Pilar gold-silver project in Sonora state in Mexico and Calles-Montijo has been an "integral" part to the success of operations there so far, it told investors.
And last month, the group said it was planning a second phase drill program early in 2021 at Pilar as it announced it has completed the maiden program.
The first phase saw 1,505 metres (m) of reverse circulation (RC) drilling undertaken in nine holes, with results expected early in the new year. The second phase of work will aim to test deeper targets and continue the expansion of the known mineralized trends.
Contact the author at giles@proactiveinvestors.com