Mr. Scott Nelson reports
TITANIUM CORPORATION RECEIVES FINAL GRANT PAYMENT FROM EMISSIONS REDUCTION ALBERTA ("ERA")
Titanium Corp. Inc. has received receipt of the final payment of $991,000 related to the $5-million grant from Emissions Reduction Alberta for partial funding of the front-end engineering design phase of the CVW Horizon project. The payment represents a 20-per-cent holdback by ERA which was subject to final project reporting and completion of a third party audit of project costs. The $9.9-million engineering design phase was supported by $5-million of grant funding from ERA with the company financing $1.4-million and Canadian Natural Resources Ltd. financing $3.5-million.
"The FEED phase of the project has been successfully executed on time and on budget by the joint project team," commented Scott Nelson, Titanium's president and chief executive officer. "We are now collaborating with government funding agencies including ERA to complete agreements for the previously announced $50-million of additional grant funding toward the next phase of the CVW Horizon project."
About Titanium Company Inc.
Titanium Company's CVW technology provides sustainable solutions to reduce the environmental footprint of the oil sands industry. Its 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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