Great news for TOC - $5.125 M financing closed.This is great news for TOC shareholders, it will ensure a budget for the next two years allowing for an accelerated resource calculation, drilling Picacho, and hopefully leading to an open pit leach production facility. The overall dilution is small since the financing was done at $0.82, and eventually could allow for a capital injection of about $11M if all warrants are exercised and still less than 50 M shares outstanding fully diluted. Have a great Canada Day and weekend. Already July 1, time waits for no one.
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.