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Be the first with the news that moves the market- Tocvan Ventures Corp. (TOC) has closed a private placement with an institutional investor for gross proceeds of $5.125 million
- The funds will go towards the advancement of the Pilar and El Picacho Au-Ag projects in Sonora, Mexico
- Brodie Sutherland, CEO of Tocvan, sat down with Sabrina Cuthbert to discuss the capital raise
- Tocvan is a natural resource company engaged primarily in the acquisition, exploration and development of mineral properties
- Tocvan Ventures Corp. (TOC) opened trading at C$0.84 per share
Tocvan Ventures Corp. (TOC) has closed a private placement with an institutional investor for gross proceeds of $5.125 million.
The proceeds from the placement will be deposited with a third-party escrow agent and delivered in monthly tranches over the next 24 months. The funds will go towards advancing the Pilar and El Picacho Au-Ag projects in Sonora, Mexico and for general working capital purposes.
Tocvan issued 3,200,000 units. Each unit consists of one common share and one common share purchase warrant. Each warrant can be exercised to purchase an additional common share for a period of three years from the closing date.
The company has also issued 2,501 convertible loan notes for $1,000 per note, bearing an interest rate of 1 per cent per annum. Each note is convertible into 1,220 common shares for three years from the date of issuance.
Brodie Sutherland, CEO of Tocvan, sat down with Sabrina Cuthbert to discuss the capital raise.
“We are very pleased to align with a strategic investor to support us through our next growth phase and guarantee we are funded to develop our projects for the next two years and beyond. We have a track record of performing exceptionally well with a limited budget; this agreement has us seeing the potential upside of continuing that performance while advancing our gold-silver assets in Mexico.”
Tocvan is an early-stage natural resource company engaged primarily in the acquisition, exploration and development of mineral properties.
Tocvan Ventures Corp. (TOC) opened trading at C$0.84 per share.
