Tocvan Ventures is looking to raise gross proceeds of up to $600,000 from the placement of up to 666,667 units priced at $0.90 per unit. The units consist of 1 share and 1 warrant, with each warrant exercisable at $1.35 for 18 months, subject to an acceleration clause.
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Video Transcript:
I’m Merry Lou Proudfoot for Investmentpitch Media
Tocvan Ventures Corp. has announced a non-brokered private placement.
The company is looking to raise gross proceeds of up to $600,000 from the placement of up to 666,667 units priced at $0.90 per unit.
The units consist of 1 share and 1 warrant, with each warrant exercisable at $1.35 for 18 months, subject to an acceleration clause.
The shares are trading at $0.83, with approximately 32 million shares outstanding.
Net proceeds will go towards the advancement of the Pilar and El Picacho gold-silver projects in Sonora, Mexico, where Tocvan is earning 100% of both projects.
Brodie Sutherland, CEO, stated: “With the recent discovery of a broad mineralized breccia host and the activation of a second drill rig at Pilar, we feel now is the time to keep the momentum going as we come into full-swing of our operating season. The use of these funds will ensure we are able to advance Pilar as much as possible this season while starting to evaluate our newest acquisition, the exciting Picacho Au-Ag project, a brownfields project in the Caborca Orogenic Gold Belt.”
At Pilar, a second drill rig has been mobilized to further expand and define the extent of the established Main Zone, while continuing to explore several new prospective trends including 4-T.
Advanced metallurgical studies are underway for bulk material across the property and will evaluate the recovery of gold and silver across mineralized oxide zones exposed at surface.
Highlights from Pilar’s Main Zone include:
A Drill Highlight of 94.6m at 1.6 g/t gold, including 9.2m at 10.8 g/t gold and 38 g/t silver
A Trench Highlight of 19.8m at 0.73 g/t gold, and
A Surface Highlight of 9.2 g/t gold and 279 g/t silver
At Picacho, reconnaissance mapping and surface sampling will define trench and drill targets across 6-kilometers of prospective trend.
Priority target areas include San Ramon where a 70-meter underground drive has returned 28 samples ranging from 0.29 to 21.8 g/t gold.
For more information, please visit the company’s website www.tocvan.com, contact Brodie Sutherland, CEO, at 403-668-7855 or email BSutherland@tocvan.ca.
I’m Merry Lou Proudfoot for Investmentpitch Media
