TOC closes $346,200, in this market, this is excellent. Now there is plenty of money to drill Pilar and Picacho.... let's go...
Tocvan Ventures Corp. has closed its previously announced non-brokered private placement of units for gross proceeds of $346,200. The offering consisted of the issuance of an aggregate of 432,750 units at a price of 80 cents per unit. Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder thereof to acquire one common share at a price of $1.40, for a period of 24 months from the closing of the offering.
In connection with the offering, the company paid aggregate cash commissions to arm's-length finders who assisted with the offering of approximately $27,696 and issued 34,620 finder warrants. Each finder warrant is exercisable at a price of 80 cents per common share for a period of 24 months from the closing of the offering.
If during any 10 consecutive trading days occurring after four months and one day has elapsed following the closing date of the offering, the average closing sales price of the common shares (or the closing bid, if no sales were reported on a trading day) as quoted on the Canadian Securities Exchange (CSE) is greater than or equal to $1.65 per common share, the company may provide notice in writing to the holders of the warrants by issuance of a press release that the expiry date of the warrants will be accelerated to the 30th day after the date on which the company issues such press release.
The offering is subject to all necessary regulatory approvals including acceptance from the CSE. All securities issued in connection with the offering will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
The company currently has 32,692,022 common shares outstanding.