Tocvan Ventures Corp. (CNSX:TOC) entered into a binding letter of intent to acquire Pilar Gold-Silver Project Sonora from Colibri Resource Corporation on $4.9 million on July 27, 2023. Tocvan Ventures Corp. (CNSX:TOC) signed a Definitive Agreement to acquire Pilar Gold-Silver Project Sonora from Colibri Resource Corporation on October 18, 2023. The acquisition is of 2,172.7 ha immediately adjacent and north of its Pilar Gold-Silver Project Sonora. Total cash payments of $4 million and $2.5 million common shares will be issued over the 5-year term of the agreement. A total minimum work commitment of $1 million is considered over the agreement. The title owner will retain a 2% NSR on the properties acquired. After the initial 5-year term the Company can elect to extend the agreement an additional 10 years by starting advanced royalty payments or purchase full title ownership through an additional cash payment of $0.5 million. On Closing of a Definitive Agreement, an initial payment of $0.25 million will be made. Prior to closing a Definitive Agreement, the acquisition is subject to a 60-day due diligence period effective July 25, 2023. As of September 19, 2023, due diligence is completed for the land expansion acquisition surrounding Pilar and 51% stake has been exercised and have right to exercise remaining 49% stake. Tocvan Ventures looks to have a definitive agreement completed in the following weeks.

Tocvan Ventures Corp. (CNSX:TOC) completed the acquisition of Pilar Gold-Silver Project Sonora from Colibri Resource Corporation on October 18, 2023.