Tocvan closes 1st tranche of PP for $229,690.Nice to see Tocvan close the 1st tranche of the propsed $325,000 financing. I suspect closing the full financing is likely due to a delay in transferring money, in Canada, wire transfers are subject to 1-7 day clearance. Tocvan traded only 266,000 shares for the week, another solid week of replacement of weak shareholders into the hands of stronger shareholders looking more longer term to production.
Quote from Press Release, ...."....Tocvan Ventures Corp. has closed a first tranche of its previously announced non-brokered private placement of units for gross proceeds of $229,690.80. The Offering consisted of the issuance of an aggregate of 441,713 Units at a price of $0.52 per Unit. Each Unit consists of one common share (" Common Share ") in the capital of the Company and one-half common share purchase warrant (" Warrant "). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.62, for a period of 18 months from the closing of the Offering...."...
Tocvan has only about 38 M shares outstanding, so their ability to raise money at $0.52 is great for shareholders as the share dilution is small. They have also issued what I call a "tight" 1/2 warrant at $0.62 with an acceleration clause based on a $0.90 share price target, this will make it easier in the future to raise additional money with exercise of the warrants.. This will fund the 1,000 ton heap leach bulk sample and also hopefully begin in-fill drilling at Pilar.
Also great to see that New to the Street TV is going to broadcast Brodie's latest video update I don't think I have to tell anyone reading my post that a broader investor awareness is always great for a company potentially heading to production. New to The Street TV / Newsmax TV Announces Five Corporate Interviews Episode #434 Airing Saturday, February 4, 2023, 3:30 PM ET
New to The Street's TV Host Jane King from the Nasdaq MarketSite studio, is interviewing Brodie Sutherland, P.Geo., CEO of Tocvan Ventures Corp. (OCTQB: TCVNF) (CSE: TOC) (FSE: TV3) ($TCVNF). Tocvan Ventures Corp. is a junior-mining natural resource Company that acquires, explores, and develops mineral resource properties. Brodie explains the industry definition of a "Junior Mining" company as a pre-production entity engaged in mineral exploration projects, looking to develop economic mineral resources. Tocvan's Pilar Project, located in the State of Sonora, Mexico, is an advanced-stage exploration project with over 23,000 meters of drilling. The drill results defined a gold offside zone, and management believes they can develop a heap leach low-cost production project. Going forward, Pilar is working on a bulk-sample project with the expectation that the area can produce gold economically from those mineralized zones. Upon successful results, the Company will move forward with a permitting for a heap leach production facility. The Company's El Picacho Project is an early-stage exploration, twenty times the size of Pilar, with earlier drill results showing gold mineralization at surface depths. The first drill results are exciting at El Picacho, consistent with the Company's goal to unlock new mineralized discoveries. More exploratory drilling will commence on the El Picacho, expecting to find new potential economic grade mineralized zones for future production. With gold prices continuing to move upwardly, Tocvan Ventures Corp.'s two exciting properties, the Pilar Project and El Picacho Project, could become very profitable. The State of Sonora is a mining-friendly area, and Hermosa, the Capital city, has an established market for selling gold. The on-screen QR code is available during the show; download or visit Tocvan Ventures Corp. - https://tocvan.com/.