Tocvan Ventures: Update on Rogers Creek Transaction

About this update from Tocvan Ventures Corp.

[{"type":"text","content":"Calgary, Alberta – TheNewswire - May 19, 2022 – Tocvan Ventures Corp. (the “Company”) (CSE:TOC); (OTC:TCVNF); (WKN:TV3/A2PE64), is pleased to announce that it has executed an assignment agreement (the “Agreement”) for the sale of the Rogers Creek project to Cascade Copper Corp. (“Cascade Copper”). The transaction consisted of the sale of the Company’s Rogers Creek project in exchange for 5,000,000 common shares of Cascade Copper, a private Alberta company that intends to complete an initial public offering and list it’s common shares on a Canadian exchange later this year. The Board of Directors of the Company has set May 31, 2022 as the record date for the dividend of 5,000,000 common shares of Cascade Copper to be distributed to the Company’s shareholders.  The distribution of Cascade Copper common shares was originally structed as a spin-out transaction via a plan of arrangement, as announced on September 29, 2021, but management decided the sale of the Roger’s Creek under the Agreement was a more cost-effective approach to distributing the Cascade Copper common shares to shareholders. Each shareholder of record as of the close of business on May 31, 2022 will receive, on the distribution date, one common share of Cascade Copper for every 6.5384044 common shares held in the Company. The share dividend is expected to be distributed to the Company’s shareholder on or about the time that Cascade Copper completes its initial public offering. No action is required by shareholders in order to receive the common shares of Cascade Copper in the dividend distribution. “Completing this transaction means we can unlock the value of the Rogers Creek asset to our shareholders and ensure it has the focus it deserves through Cascade Copper”, commented Brodie Sutherland, CEO. “We are excited about the potential of Cascade Copper and the new management behind it. This also allows Tocvan to focus on its core assets in Sonora, Mexico where we have seen tremendous growth over the past two years.” About Cascade Copper and Rogers Creek Cascade Copper will be a new exploration company focused on the development of copper-gold focused assets in British Columbia. A new management team with extensive experience in the region is planning an initial public offering of Cascade Copper later in 2022 on the Canadian stock exchange. The Rogers Creek Prop...

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