Tocvan Ventures to Spin-Out Rogers Creek Property into Cascade Copper
Calgary, Alberta -- September 30th, 2021 -- NewsGenie -- Tocvan Ventures (CSE:TOC) is set to acquire 100% interest in the Rogers Creek Property in B.C. from C3 Metals Inc., nullifying a previous option agreement. C3 Metals will receive 500,000 Tocvan shares and Cascade Copper Corp. shares valued at $75,000 upon listing. C3 Metals retains a 2% NSR, with Cascade Copper having the option to repurchase 1% for $1 million.
Subject to approvals, Tocvan plans to spin-out the Rogers Creek Property to Cascade Copper, a new company focusing on copper porphyry exploration in southern British Columbia. Tocvan shareholders will receive one Cascade Copper share for every six Tocvan shares held. Upon approval, Tocvan will relinquish all interest in the Rogers Creek Property.
Derek Wood, CEO of Tocvan, believes this move will unlock the value of the Rogers Creek Property, allowing capital markets to assess its value independently. He anticipates the spin-out will benefit Tocvan shareholders by providing upside potential through Cascade Copper ownership while Tocvan concentrates on its Mexican properties.
Cascade Copper will possess the Rogers Creek Property and the Fire Mountain Property, both advanced-stage copper porphyry assets within the Cascade Magmatic Arc in southwestern BC. These contiguous properties have seen over $3 million in exploration to date.
The spin-out is contingent on shareholder, regulatory, and Alberta Court of Queen’s Bench approvals. Tocvan intends to list Cascade Copper shares on the CSE, but this is not guaranteed. Further details on the spin-out, including the Shareholders' Meeting date, will be announced soon.
Tocvan Ventures is focused on identifying and developing opportunities in the mining exploration sector. It currently holds interests in the Pilar Gold-Silver project, the El Picacho Property, and the Rogers Creek Copper project.