Mr. Scott Nelson reports
TITANIUM CORPORATION PROVIDES BUSINESS UPDATE
Titanium Corp. Inc. has provided an update on its current business activities and the actions that the company is taking in light of the unprecedented global pandemic and other events that are affecting all sectors of Canada's economy and its citizens.
The occurrence and timing of future steps with respect to the CVW Horizon project are uncertain and will depend on several factors beyond Titanium's control, including, but not limited to: the duration of the COVID-19 pandemic and the unknown short- and long-term economic impacts resulting from it; the duration of the Saudi Arabia/Russia oil price war, which is seriously impacting Canada and Alberta's oil industry; any improvement in oil demand and prices, as well as the demand and prices for mineral sands products; measures that governments are taking to support Canadian workers, companies and, in particular, Alberta's energy industry in light of the COVID-19 pandemic; and the continued support of financing programs available for sustainable technology projects, including the potential extension of such programs and flexibility from the financing agencies in contracting the financing that has been awarded to Titanium for the next phase of the post-FEED (front-end engineering and design) activities for the CVW Horizon project.
Titanium's team is working remotely with its business partners and the government funding agencies supporting Titanium's project. Titanium and Canadian Natural's joint project team continues to effectively collaborate on the post-FEED project engineering reviews and planning related to next steps for the CVW Horizon project.
The company believes that its CVW technology will provide important environmental and economic benefits that will assist with the recovery of a resilient and sustainable energy industry in Alberta and Canada.
The company has taken measures to protect its balance sheet, reduce costs and conserve cash over the months ahead, including reducing all salaries. Titanium's president and chief executive officer has voluntarily reduced his salary by 20 per cent and the other members of the management team have voluntarily reduced their salaries by 15 per cent. At April 1, 2020, the company's cash position was $4.2-million and the company has minimal outstanding payables and financial obligations.
The company is planning to report its Dec. 31, 2019, year-end results in late April, 2020.
This year, out of an abundance of caution to pro-actively deal with the unprecedented public health impact of the COVID-19 pandemic and given the declared states of public health emergencies across Canada, Titanium intends to reschedule its annual and special meeting of shareholders from May 19, 2020, to late June, 2020, and hold the meeting in a virtual-only format, which will be conducted via live audio webcast. The company believes that hosting a virtual-only meeting in the face of the COVID-19 pandemic is in the best interests of all stakeholders and the broader community as a whole. Shareholders will have an opportunity to participate at the meeting on-line regardless of their geographic location. The board of directors of the company has approved an amendment and restatement of bylaw No. 1 of the company solely to provide for the ability of the company to hold the meeting in a virtual-only format under the Canada Business Corporations Act, which will be in effect for this year's meeting and will cease to have effect if shareholders do not confirm the amendment and restatement at the meeting. Additional details with respect to the meeting, including putting forward the amendment and restatement of bylaw No. 1 for approval by shareholders, will be included in the company's management information circular in respect of the meeting, which is expected to be mailed to shareholders and filed under the company's profile on SEDAR in mid-May. Information respecting the virtual meeting will also be made available on the company's website. The amended and restated bylaw No. 1 of the company will be available under the company's profile on SEDAR.
The company has taken steps to ensure the health and safety of its people and the continuity of its business amidst the COVID-19 pandemic. The company's offices have been closed for the past several weeks, and employees have been working from home, as well as practising social distancing as mandated by the Alberta and federal governments. The company's staff and their families are well and remain unaffected by COVID-19 at this time.
About Titanium Corp. Inc.
Titanium'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. 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 emissions are materially reduced; hot tailings water is improved in quality for recycling; and residual tailings can be thickened more readily. A new minerals industry would be created, commencing with the production and export of zircon, an essential ingredient in ceramics.
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