- Titanium Corporation (TIC) has announced a private placement offering between C$3M to $5M
- The company intends to use the proceeds to commercialize its CVW technology and to settle $1.1M in deferred compensation
- Its CVW technology recovers bitumen, solvents, heavy minerals and water from oil sands froth treatment tailings
- Titanium Corporation is a clean technology innovator that offers solutions to the mining sector of Canada’s oil sands industry
- Titanium (TIC) closed up by 7.14 per cent trading at $0.30 per share
Titanium Corporation (TIC) has announced a private placement offering between C$3M to $5M.
The offering is comprised of a minimum of 15M up to a maximum of 25M units priced at $0.20 per unit.
Each unit consists of one Titanium common share and one-half of one share purchase warrant.
Each warrant entitles the holder to acquire one common share priced at $0.30 for four years from the date of issuance.
The company intends to use the proceeds to commercialize its Creating Value From Waste (CVW) technology, including engineering and design costs, and to settle $1.1M in deferred compensation.
Its CVW technology recovers bitumen, solvents, heavy minerals and water from oil sands froth treatment tailings.
Insiders have signed definitive subscription agreements for a total of 7.2M units.
The company has also entered into definitive subscription agreements with a group led by Darren Morcombe and Moss Kadey to purchase 15M units for gross proceeds of $3M.
Conditional on the completion of the investor group’s subscriptions by January 12, 2022, David Macdonald, John Stevens and Scott Nelson will retire from the Board of Directors and be replaced by Morcombe (Chair), John Brussa and John Kowal.
Canaccord Genuity worked with the company to structure the offering.
Titanium Corporation is a clean technology innovator that offers solutions to the mining sector of Canada’s oil sands industry.
Titanium (TIC) closed up by 7.14 per cent trading at $0.30 per share.