Tocvan Ventures (TOC.C) announced that since the beginning of their fiscal year on September 1, 2020 they have raised $650,000 from the exercising of options and warrants.
Tocvan also announced they closed their non-brokered private placement of units, raising $746,801. The offering consisted of the issuing of 1,244,668 units, which were sold for $0.60 each. Each unit contained a common share of TOC.C and a warrant which entitles the user to buy a share for $0.75 over the next 18 months.
Tocvan paid $49,960 in cash to the parties who assisted with the offering, as well as 83,267 “finders warrants” exercisable at $0.60 over the next 18 months.
Between the offering and the exercising of options and warrants, Tocvan brought in $1,346,801, which they say they will use for the development of their flagship Pilar property in Sonora, Mexico.
“We are extremely pleased with the progress of Pilar, especially with our recent drilling success and we look forward to an active year of drilling as we continue to unlock the property wide potential of Pilar. We remain focused on maximizing shareholder value, with the closing of the private placement we now have the capital to not only advance Pilar but evaluate new gold assets in Mexico to add to the Company’s growing portfolio,” stated Derek Wood, President & CEO of Tocvan Ventures.
Last month, Tocvan announced the results of their mapping efforts on the property in preparation for phase II drilling programs. Their most significant results are as follows:
-2020 Phase I RC Drilling Highlights include (all lengths are drilled thicknesses):
- -94.6m @ 1.6 g/t Au, including 1.5 m @ 9.2m @ 10.8 g/t Au and 38 g/t Ag;
-41.2m @ 1.1 g/t Au, including 3.1m @ 6.0g/t Au and 12 g/t Ag ;
-24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag
-17,700m of Historic Core & RC drilling. Highlights include:
- -61.0m @ 0.8 g/t Au
-16.5m @ 53.5g/t Au and 53 g/t Ag
-13.0m @ 9.6 g/t Au
-9.0m @ 10.2 g/t Au and 46 g/t Ag
-2,650m of surface and trench channel sampling. Highlights include:
- -3.0m @ 55 g/t Au
-6.0m @ 28.6 g/t Au
-50.0m @ 3.4 g/t Au
The Sonora region, in which Tocvan’s Pilar project is located, is Mexico’s leading mining region. From the moment the Spanish arrived in Mexico, they were mining gold and silver in the Sonora region.
Tocvan wants to continue Sonora’s productive history.
TOC.C’s share price rose slightly following the news.
Full disclosure: Tocvan Ventures is an Equity.Guru marketing client.