Tocvan Closes Oversubscribed Private Placement

CALGARY, AB / ACCESSWIRE / December 11, 2023 / Tocvan Ventures Corp. (the "Company") (CSE:TOC)(OTCQB:TCVNF)(WKN:TV3/A2PE64), is pleased to announce that it has closed a second tranche of its previously announced non-brokered private placement of Units ("Units") for gross proceeds of $306,150 (the "Offering"). The Offering of the second tranche consisted of the issuance of an aggregate of 680,333 Units at a price of $0.45 per Unit. Each Unit consists of one common share ("Common Share") in the capital of the Company and one common share purchase warrant ("Warrant"). Each Warrant will entitle the holder thereof to acquire one additional Common Share in the capital of the Company at a price of CAD $0.60 for a period of 24 months from the closing of the Offering, subject to the accelerated expiry provisions described in the notes below.

In connection with the Offering, the Company paid aggregate cash commissions to arm's length finders who assisted with the Offering of approximately $15,165 and issued 33,700 finder warrants ("Finder Warrants"). Each Finder Warrant is exercisable at a price of $0.45 per Common Share for a period of 18 months from the closing of the Offering. After giving effect to this tranche, a total of $675,150 has been raised, exceeding the original target of $500,000.

The company currently has 42,339,441 Common Shares outstanding.

Use of Proceeds

The proceeds of the raise will go towards the advancement of the Pilar Au-Ag project in Sonora, Mexico, with a primary focus on the initial cash payment for the expansion acquisition around Pilar (see News Release October 18, 2023) and accelerating the permitting and drilling initiatives leading towards resource development. Further drill targeting at Pilar and El Picacho projects will be carried out to advance additional resource evaluation.

Notes On the Offering

If, on any 10 consecutive trading days occurring after four months and one day has elapsed following the closing date of the Offering, the closing sales price of the Shares (or the closing bid, if no sales were reported on a trading day) as quoted on the Canadian Securities Exchange ("Exchange") is greater than CAD $0.75 per Common Share, the Company may provide notice in writing to the holders of the Warrants by issuance of a press release that the expiry date of the Warrants will be accelerated to the 30^th day after the date on which the Company issues such press release.