Calgary, Alberta – November 3, 2021 Tocvan Ventures Corp. (the “Company”) (CSE: TOC; OTCQB: TCVNF; WKN: TV3/A2PE64),is pleased to announce it will be proceeding with a non-brokered private placement of up to 1,200,000 units (the “Units”) at CAD $1.00 per Unit for gross proceeds of up to CAD $1,200,000 (the “Offering”). A lead order has been established with a prospective long-term shareholder with extensive experience in Mexican mineral exploration and development. Each Unit is comprised of one common share of the Company (a “Share”) and one half of one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to acquire one additional Share in the capital of the Company at a price of CAD $1.50 for a period of 24 months from the date the Units are issued, subject to the accelerated expiry provision described below.
If, on any 10 consecutive trading days occurring after four months and one day has elapsed following the closing date of the Offering, the closing sales price of the Shares (or the closing bid, if no sales were reported on a trading day) as quoted on the Canadian Securities Exchange (“Exchange”) is greater than CAD $1.90 per Common Share, the Company may provide notice in writing to the holders of the Warrants by issuance of a press release that the expiry date of the Warrants will be accelerated to the 30th day after the date on which the Company issues such press release.
Closing of the Offering is subject to several conditions, including receipt of all necessary corporate and regulatory approvals, including the Exchange (CSE). All securities issued in connection with the Offering will be 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 as well as the required legend under applicable U.S. securities legislation. The proceeds from the Offering will be used for general working capital. The Company may pay finders fees and finder warrants to eligible finders.
“After reviewing many finance options for Tocvan we are extremely pleased to bring on board a strong Long-Term Shareholder that has extensive experience in Mexican Mineral Exploration and Development.”, commented CEO Derek Wood. “Our newest Shareholder was an early and significant investor in SilverCrest Metals with a current Market Capitalization of over CAD $1.5 billion. We feel this bodes well for the future of Tocvan as we continue to move towards definition drilling and bulk sampling at Pilar. We are excited to begin our next phase of drilling at Pilar.”
Tocvan Announces Private Placement with Lead Order from Prominent Financier from Mexico
