Tocvan Ventures Corp. Announces Closing of Private Placement
February 13, 2020 - Tocvan Ventures Corp. ("Tocvan" or the "Company") (TOC:CSE) (CNSX:TOC.CN), Derek A. Wood, President, Chief Executive Officer and a Director of Tocvan is pleased to announce that the Company has closed its previously announced non-brokered private placement of units ("Units") for gross proceeds of $711,880.05 (the "Offering"). The Offering consisted of the issuance of an aggregate of 4,745,867 Units at a price of $0.15 per Unit. Each Unit consists of one common share in the capital of the Company ("Common Share") and one-half common share purchase warrant ("Warrant"), with each full Warrant entitling the holder to acquire one Common Share at a price of $0.30 per Common Share, for a period of 18 months from the closing of the Offering. In connection with the Offering, the Company paid aggregate cash commissions to arm's length finders who assisted with the Offering of approximately $36,582.40 and issued 243,883 finder warrants ("Finder Warrants"). Each Finder Warrant is exercisable for a period of 18 months from the closing of the Offering to acquire one Common Share at a price of $0.30 per Common Share.
Proceeds from the Offering will be used for general working capital purposes.
About Tocvan Ventures Corp.
Tocvan is a well-structured exploration mining company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan is currently earning into two exciting opportunities. The Pilar Gold project in the Sonora state of Mexico and the Rogers Creek project in Southern British Columbia. Management feels both opportunities represent tremendous opportunity.
For more information, please contact:
Derek A. Wood, President & CEO
Suite 1150 Iveagh House
707 - 7th Avenue SW
Calgary, Alberta T2P 3H6
Telephone: 403-668-7855
Email: dwood@tocvan.ca
Cautionary Statement Regarding Forward Looking Statements
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company's business, the Company's formative stage of development and the Company's financial position. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws.
There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.