Mr. Scott Nelson reports
TITANIUM CORPORATION INC. ANNOUNCES COMPLETION OF FIRST TRANCHE OF PRIVATE PLACEMENT
Titanium Corp. Inc. has closed the first tranche of its previously announced non-brokered private placement by issuing 5,826,485 units at a price of 70 cents per unit for gross proceeds of $4,078,539.50.
Each unit consists of one common share of the company and one-half of one common share purchase warrant of the company. 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 6 per cent 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 finance the company's continuing efforts to commercialize its Creating Value from Waste (CVW) technology and for general operating purposes.
About Titanium Corp. Inc.
Titanium's CVW technology provides sustainable solutions to reduce the environmental footprint of the oil sands industry. The company's technology reduces the environmental impact of oil sands froth treatment tailings while economically recovering valuable products that would otherwise be lost.
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