Tocvan Ventures (TOC.V) has recently closed a non-brokered placement raising gross proceeds of just under C$350,000 and net proceeds of approximately C$320,000 after taking the finders fees into consideration. The company issued just over 430,000 units at C$0.80 per unit with each unit consisting of one common share of Tocvan as well as a full warrant. Each warrant can be exercised for C$1.40 within two years after closing the offering. There is an acceleration clause allowing Tocvan to accelerate the expiration of the options if the share price (or closing bid price) equals or exceeds C$1.65 for ten consecutive days.
In our recent initial report on Tocvan we explained how the company’s previous raise came in lighter than we had expected and hoped for, and with this additional cash injection the company is getting in a slightly better position.
Disclosure: The author has a long position in Tocvan Ventures. Tocvan is a sponsor of the website. Please read our disclaimer.