Tocvan Ventures (TOC.C) is striking the iron while it’s hot and after announcing an initial bought deal size of C$6M, the company and its sole underwriter and bookrunner, Stifel Canada, increased the size of the bought deal by in excess of 40%. The company will now raise C$8.7M in a unit financing priced at C$1 per unit.
Each unit consists of one common share as well as a full warrant with each full warrant allowing the warrant holder to acquire an additional share in Tocvan for C$1.40 per share. The share price has been trading pretty strong and currently sits at in excess of 20% above the financing price so let’s see what happens after the financing settles.
The strong share price also means there’s a realistic chance Stifel will exercise its option to purchase an additional 1.3M units, in which case the total financing would come in at C$10M, of which about C$9M would hit Tocvan’s treasury on a net basis after taking the underwriting fee and legal fees into account. The cash will come in handy as Tocvan is gearing up for a busy 2026, and we will provide an update on the company’s activities in the near future.
Disclosure: The author has no position in Tocvan but will participate in the placement. Tocvan is a sponsor of the website. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
