Ms. Jacqueline Allison reports
TITAN MINING CLOSES C$6.3 MILLION PRIVATE PLACEMENT
Titan Mining Corp. has closed its private placement, announced on Sept. 18, 2019, of 18 million units at 35 cents per unit, for aggregate gross proceeds of $6.3-million. Each unit comprises one common share and one-half of a warrant of the company. Each full warrant is exercisable into one common share of the company at an exercise price of 50 cents per share for a period of five years from the closing date of the private placement.
The offering was subscribed to by directors and officers of the company, including Richard Warke, executive chairman, and Don Taylor, chief executive officer, and other supportive shareholders, including Ross Beaty. Aggregate insider participation in the offering was approximately 84 per cent (15,185,716 units in aggregate). The common shares issued in connection with the offering are subject to a statutory hold period expiring on Feb. 11, 2020.
Titan plans to use the net proceeds of the offering for continuing development and exploration drilling at the Empire State mine as well as general working capital.
About Titan Mining Corp.
Titan is an Augusta Group company that produces zinc concentrate at its 100-per-cent-owned Empire State mine (ESM) located in New York. ESM is a group of zinc mines that started production in the early 1900s. Titan is built for growth, focused on value and committed to excellence.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.