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Tocvan Ventures Closes $600,000 Private Placement with Institutional Investor
Calgary, AB - TheNewswire - April 5, 2023 - Tocvan Ventures Corp. (the “Company”) (CSE:TOC) (OTC:TCVNF) (WKN:TV3/A2PE64), is pleased to announce the closing of
About this update from Tocvan Ventures Corp.
[{"type":"text","content":"Calgary, AB - TheNewswire - April 5, 2023 - Tocvan Ventures Corp. (the “Company”) (CSE:TOC) (OTC:TCVNF) (WKN:TV3/A2PE64), is pleased to announce the closing of its previously announced private placement with an institutional investor (the \"Placement\") to raise an aggregate amount of $600,000 (CAD). The proceeds from the Placement will be deposited with a third-party escrow agent and delivered to the Corporation in monthly tranches of $50,000 over the next 12 months pursuant to the terms and conditions of a sharing agreement between the Company and Sorbie Bornholm LP dated June 28, 2022, as amended on April 5, 2023, and an escrow agreement dated June 28, 2022, as amended on April 5, 2023, between the Corporation, Sorbie Bornholm LP, and Orrick, Herrington & Sutcliffe (UK) LLP. The funds will go towards the advancement of the Pilar and El Picacho Au-Ag projects in Sonora, Mexico and for general working capital purposes. Each unit (“Unit”) consisted of one (1) common share of the Company at a price of $0.544 (each a \"Common Share\", and each Common Share comprising part of a Unit being a \"Unit Share\") and one-half (1/2) of one share purchase warrant (each whole share purchase warrant, a \"Unit Warrant\"), with each Unit Warrant entitling the holder to purchase one additional Common Share (a \"Unit Warrant Share\") at a price of $0.68 per Unit Warrant Share, for a period of thirty-six months from the date of issue (the \"Expiry Date\"), subject to acceleration. The investor will receive a corporate finance fee of $36,000, payable via the issuance of 66,177 Common Shares and 33,088 Warrants on the terms noted above. The Company has the right to accelerate the Expiry Date if, at any time, the average closing price of the Common Shares on the CSE is equal to or greater than $1.00 for 10 consecutive trading days (\"10-Day Period\"). In the event of acceleration, the Expiry Date will be accelerated to a date that is 30 days after the Company issues the acceleration notice through a news release, provided that the acceleration notice is issued within 10 business days after the end of the particular 10-Day Period. The Company relied on the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions for the Placement, and the Unit Shares, Unit Warrants and Unit Warrant Shares are...