TOCVAN Closes Second Tranche of Oversubscribed Financing.It is great to see Tocvan close an oversubscribed financing in the company, raising $507,718.60 in two tranches for an aggregate of 976,382 units at a price of 52 cents per unit. Tocvan has only about 38 M shares outstanding.
Tocvan traded 3,000 shares yesterday, and only 49,036 shares for the entire week. Great to see such a strong shareholder base not selling and looking for significant upside in price as Tocvan continues with the 1,000 ton bulk heap leach sample, and soon to begin infill drilling at Pilar. Results from the bulk leach sample will be used to dertermine the feasibility of bringing Pilar to production.
If Tocvan can get one of it properties into production, this will increase cash flow with little dilution, the dream for most junior resource companies. The increased cash flow will also hopefully allow for an accelerated drilling program at El Picacho.
Not much else to be said, it is all about delivering shareholder value in a pragmatic and systematic approach to fiscal governance.