Tocvan Closes First Tranche of Private Placement for $2.1 Million

CALGARY, AB / ACCESSWIRE / April 25, 2024 / Tocvan Ventures Corp. (the "Company") (CSE:TOC)(OTCQB:TCVNF) (WKN:TV3/A2PE64), is pleased to announce that it has closed a first tranche of its previously announced non-brokered private placement of Units ("Units") for gross proceeds of $2,099,830 (the "Offering"), which included $1,500,000 from a UK based institutional investor, Sorbie Bornholm LP ("Sorbie"), who has invested in several previous private placements with the Company since 2022. The Offering consisted of the issuance of an aggregate of 5,999,514 Units at a price of $0.35 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 $0.50 for a period of 36 months from the closing of the Offering.

"We are pleased to quickly close out a significant portion of the placement," commented Brodie Sutherland, CEO. "The final portion of the placement will remain open while we collect final documentation. We are very excited with the resounding support received from current and new shareholders as we advance our projects."

In connection with the Offering, the Company paid aggregate cash commissions to arm's length finders who assisted with the Offering of approximately $52,885 and issued 151,100 finders' warrants ("Finders' Warrants"). Each Finder's Warrant is exercisable at a price of $0.35 per Common Share for a period of 36 months from the closing of the Offering. In addition, Sorbie received a corporate finance fee of $105,000, paid via the issuance of 300,000 Common Shares and 300,000 Warrants on the terms noted above.

The company currently has 50,009,919 Common Shares outstanding.

The Company relied on the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions in connection with the distribution of 2,160,000 free trading common shares under the Offering for proceeds $756,000. The balance of the Units under the Offering, being 3,839,514 for gross proceeds of $1,343,830, are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation in Canada. The Amended and Restated Offering Document dated April 19, 2024, related to a portion of the Offering is available under the Company's SEDAR profile at sedar+ and at www.tocvan.com.