Tocvan Ventures Secures $3.15 Million Through Successful Private Placement

Tocvan Ventures Corp, a mining company, announced the completion of its oversubscribed private placement, raising a total of $3.15 million. This financing, divided into two tranches, supports the advancement of its Gran Pilar Au-Ag project in Sonora, Mexico. The second tranche closed with gross proceeds of $1,045,267, creating significant interest with 2,177,640 units issued at $0.48 per unit.

Each unit encompasses one common share and one warrant, permitting the holder to purchase an additional share at $0.75 each over 36 months. The company also paid commissions to finders and issued warrants as part of the deal.

The funds will drive Sonora's gold and silver exploration, with pending drill results expected to reveal new opportunities. CEO Brodie Sutherland highlighted ambitions to derisk projects through permitting and emphasize resource development.