Tocvan Ventures (TOC.C) has announced it is working towards completing a C$2.25M financing. An initial C$1.5M will be taken up by Sorbie-Bornholm as part of the agreement between Sorbie and Tocvan whereby Sorbie will make cash available on a monthly basis in return for a certain amount of shares (to be determined based on the share price). The monthly cash payment agreed upon is C$62,500 per month and Sorbie invested C$1.5M in the first tranche of the financing.
A second portion of the financing is a non-brokered financing at the same terms whereby the company is hoping to raise C$0.5-1.25M in an offering priced at C$0.35 per unit. Each unit consists of one common share and half a warrant with each full warrant allowing the warrant holder to acquire one additional share at C$0.50 during a 36 month period.
The initial tranche has now closed, raising C$2.1M, including the C$1.5M provided by Sorbie Bornholm. The placement remains open and hopefully the company can collect enough money to hit the ground running at Pilar (and Picacho) this year.
We will catch up with CEO Brodie Sutherland soon, and will provide a detailed overview of the company’s plans, hopes and ambitions for 2024 in the near future.
Disclosure: The author has a long position in Tocvan Ventures and participated in the current placement. Tocvan is a sponsor of the website. Please read the disclaimer.
