Tocvan Ventures Corp Completes First Tranche of $2.1 Million Private Placement

Tocvan Ventures Corp. has successfully closed the first tranche of its non-brokered private placement, accumulating $2,099,830. This tranche attracted significant investment, notably $1,500,000 from UK-based institutional investor, Sorbie Bornholm LP. The tranche witnessed the issuance of 5,999,514 Units at $0.35 each. Each Unit comprises one common share and a warrant, allowing the purchase of an additional share at $0.50 within a 36-month period.

Brodie Sutherland, CEO of Tocvan, expressed satisfaction with the swift closure of the placement’s significant portion. He remarked on the strong support from both new and existing shareholders as the company progresses in its ventures. The company compensated finders with approximately $52,885 and issued 151,100 Finders' Warrants. Additionally, a corporate finance fee of $105,000 was paid to Sorbie, compensated by 300,000 Common Shares and an equivalent number of Warrants.

The funds raised are earmarked for the Pilar and Picacho Au-Ag projects in Sonora, Mexico. This includes a crucial payment for the expansion around Pilar and enhancing permitting and drilling initiatives. A portion of the funds from Sorbie will be transferred in monthly instalments of $62,500 over two years, facilitated via a third-party escrow agent as part of a structured sharing agreement.