Tocvan Ventures Closes First Tranche of Private Placement

About this update from Tocvan Ventures Corp.

[{"type":"text","content":" CALGARY, AB / ACCESSWIRE / November 28, 2023 / Tocvan Ventures Corp. (the \"Company\") (CSE:TOC) (OTCQB:TCVNF) (WKN:TV3/A2PE64), is pleased to announce that it has closed a first tranche of its previously announced non-brokered private placement of Units (\"Units\") for gross proceeds of $369,000 (the \"Offering\"). The Offering consisted of the issuance of an aggregate of 820,000 Units at a price of $0.45 per Unit. Each Unit consists of one common share (\"Common Share\") in the capital of the Company and one common share purchase warrant (\"Warrant\"). Each Warrant will entitle the holder thereof to acquire one additional Common Share in the capital of the Company at a price of CAD $0.60 for a period of 24 months from the closing of the Offering, subject to the accelerated expiry provisions described in the notes below. In connection with the Offering, the Company paid aggregate cash commissions to arm's length finders who assisted with the Offering of approximately $32,400 and issued 72,000 finder warrants (\"Finder Warrants\"). Each Finder Warrant is exercisable at a price of $0.45 per Common Share for a period of 24 months from the closing of the Offering. The company currently has 41,659,107 Common Shares outstanding. Use of Proceeds The proceeds of the raise will go towards the advancement of the Pilar Au-Ag project in Sonora, Mexico. With a primary focus on the initial cash payment for the expansion acquisition around Pilar (see News Release October 18, 2023) and accelerating the permitting and drilling initiatives leading towards resource development. Further drill targeting at Pilar and El Picacho projects will be carried out to advance additional resource evaluation. \"We are excited to close this initial tranche and continue to advance Pilar.\" stated Brodie Sutherland, CEO. \"Our team has been active on the ground following up on the new surface discovery and completing the LiDAR survey. I recently was on site evaluating the placer mine developments, we are extremely encouraged by their advancements further highlighting the potential for additional resources.\" Notes On the Offering If, on any 10 consecutive trading days occurring after four months and one day has elapsed following the closing date of the Offering, the closing sales price of the Shares (or the closing bid, if no sales were reported on a trading day...

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