Mr. Don Taylor reports
TITAN MINING ANNOUNCES C$8M PRIVATE PLACEMENT
Titan Mining Corp. has arranged a non-brokered private placement financing raising gross proceeds of $8-million.
Pursuant to the private placement, Titan will issue 16 million units of the company at a price of 50 cents per unit, with each unit consisting of one common share and one-half of a common share purchase warrant. Each warrant entitles the holder to acquire one common share at a price of 75 cents for a period of three years from the closing date of the private placement.
The proceeds from the private placement will be used to advance exploration efforts at the company's properties, including a comprehensive drill campaign at the company's newly optioned Mineral Ridge property located in Esmerelda county, Nevada (see press release dated Aug. 31, 2020), as well as conducting district exploration on lands around the Empire State mine in New York; and for general and working capital purposes.
The private placement has been subscribed to by directors and officers of the company, including Richard Warke, executive chairman, and other supportive shareholders.
Titan chief executive officer Don Taylor commented: "The raise is timely and proportional. It will allow Titan to rapidly advance the Mineral Ridge property in Nevada as well as support continued exploration on the highly prospective ground around our existing ESM mine in New York."
About Titan Mining Corp.
Titan is an Augusta Group company that produces zinc concentrate at its 100-per-cent-owned Empire State mine located in New York State. In addition, Titan has an option to earn a 100-per-cent interest in the Mineral Ridge gold property in Esmeralda county, Nevada, which is drill ready, fully permitted and hosts a current known gold resource of 350,000 ounces with tremendous exploration potential. Titan is built for growth, focused on value and committed to excellence. The company's shares are listed under the symbol TI on the Toronto Stock Exchange.
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