Titanium Corporation Inc. Announces Completion Of First Tranche Of Private Placement
CALGARY, ALBERTA – May 10, 2019 – Titanium Corporation Inc. (the “Company” or “Titanium”) (TSX-V: TIC) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement (the “Offering“) by issuing 5,826,485 units (“Units“) at a price of $0.70 per Unit for gross proceeds of $4,078,539.50.
Each Unit consists of one common share of the Company (“Common Share“) and one half of one Common Share purchase warrant of the Company (“Warrant“). Each whole Warrant shall be exercisable to purchase one Common Share at a price of $1.40 per Common Share until May 9, 2022. Titanium may complete one or more additional closings for the sale of up to 1,373,515 Units.
The Company paid cash selling commissions in the amount of $144,270 which is equal to six percent (6%) of the gross proceeds raised from a portion of the Offering.
The Common Shares and Warrants issued pursuant to the Offering are subject to a four month hold period under applicable securities laws, which hold period expires four months and a day following the date of issue of the Units.
Proceeds of the Offering will be used to fund the Company’s ongoing efforts to commercialize its Creating Value from Waste™ (CVW™) technology and for general operating purposes.
About Titanium Corporation Inc.
Titanium’s CVW™ technology provides sustainable solutions to reduce the environmental footprint of the oil sands industry. Our technology reduces the environmental impact of oil sands froth treatment tailings while economically recovering valuable products that would otherwise be lost. CVW™ recovers bitumen, solvents, heavy minerals and water from tailings, preventing these commodities from entering tailings ponds and the atmosphere: volatile organic compound and greenhouse gas more readily. A new minerals industry will be created commencing with the production and export of zircon, an essential ingredient in ceramics. The Company’s shares trade on the TSX-V under the symbol “TIC”. For more information please visit the Company’s website at www.titaniumcorporation.com.
Disclosure regarding forward-looking information
This news release contains forward-looking statements including those describing Titanium’s future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Titanium and its management. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the intended use of proceeds of the Offering and the intention of the Company to issue additional Units in one or more tranches. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents accompanying this release, as the case may be. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.
The Common Shares and Warrants offered have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, contact:
President & CEO
Vice President Finance & CFO