Tocvan Ventures Announces $2.25 Million in Private Placements

Tocvan Ventures Corp. is set to raise $2.25 million through a series of private placements, including a substantial $1.5 million from an institutional investor. The Calgary-based company, operating in the mining sector, has outlined plans for a non-brokered private placement alongside a concurrent offering aimed at eligible investors. The combined effort aims to emit 6,428,571 units at a price of $0.35 each, aggregating to a notable boost in the company's funding aimed at furthering its mining projects in Mexico.

These units, combining one common share and a share purchase warrant, open the door for investors to purchase additional shares at a set price within a 36-month timeframe. This funding initiative supports Tocvan Ventures' strategic focus on its flagship Pilar Gold-Silver property in Sonora, Mexico, among other projects. Proceeds are earmarked for drilling, concession fees, and general capital needs, with a particular emphasis on accelerating resource development initiatives.

The offering's structure, including finder's fees and a staggered release of funds from the institutional side, aligns with Tocvan's approach to fundraising as previously executed in its last couple of financial years. The company has also incorporated provisions for existing shareholders to participate under certain conditions, enabling broader investor engagement. Regulatory and corporate approvals remain pending, with a closure date anticipated by late April 2024.