Post by
lifegoeson on Feb 18, 2023 11:41am
Another quiet week for Tocvan.
Tocvan traded 44,500 shares yesterday and only 111,000 for the entire week. Good part is the exchange provided approval for the 3rd and final tranche for the financing.
From Press Release.... :.....Tocvan Ventures Corp. has closed the third and final tranche of its previously announced non-brokered private placement of units for gross proceeds of $130,505. This is in addition to gross proceeds of $507,718.60 previously announced on January 30, 2023 and February 6, 2023. A total of $638,223.60 has been raised in the private placement. The Company currently has 38,538,853 Common Shares outstanding...."....
This financing, combined with their montly drawdown from the $5.12 M over 2-year finanaincing will provide enough money to continue with the 1,000 ton bulk heap leach sample, start in-fill drilling at Pilar, and re-commence drilling at El Picacho.
From previoius Press Release outlining the financing.... :....Tocvan Ventures Corp. has closed a private placement to an institutional investor to raise an aggregate amount of $5,125,000. The proceeds from the placement will be deposited with a third party escrow agent and delivered to the corporation in monthly tranches over the next 24 months pursuant to the terms and conditions of a sharing agreement (as defined below) and an escrow agreement dated June 28, 2022, between the corporation, Sorbie Bornholm LP, and Orrick, Herrington & Sutcliffe (U.K.) LLP. The funds will go toward the advancement of the Pilar and El Picacho gold-silver projects in Sonora, Mexico, and for general working capital purposes..."....
The quiet days of February, but the good part, drilling should begin to accelerate into the spring..
I am very interested to see how Pilar plays out in the near future, the bulk sample may very well lead the way to produciton, while a maiden resource estimate will then shed the light on the long-term economics and cash flow to Tocvan. With only 38,538,853 Common Shares outstanding, Tocvan has plenty of room for growth.