- Titanium Corporation (TIC) has announced it has signed a C$10 million project funding agreement
- The agreement is with Sustainable Development Technology Canada (SDTC) for the engineering of the CVW™ Horizon Project
- The funding contribution was previously announced on December 1, 2020
- Advances of the funding contribution for eligible costs will be paid ahead of each milestone
- As every milestone is reached, the company will need to complete the required reports as the project advances.
- SDTC will hold 10 per cent holdback from each advance until the project is done
- Shares of Titanium rose 10.71 per cent to $0.62 as of 1:23 p.m. EDT
Titanium Corporation (TIC) announced it has signed a C$10 million project funding agreement with Sustainable Development Technology Canada (SDTC).
The funding, which will be for the engineering of the CVW Horizon Project, was previously announced on December 1, 2020.
The company’s CVW technology provides sustainable solutions that help reduce carbon footprints in the oil sand industry. In particular, the technology reduces the impact of oil sands while sustainably recovering valuable products.
In particular, CVW recovers bitumen, solvents, heavy minerals and water from tailings. It also prevents these resources from entering tailing ponds and the atmosphere.
Funding advances for eligible costs will be paid in advance of each milestone the company reaches. Following each milestone, Titanium will need to complete required reports as the project moves forward.
Additionally, SDTC will retain a 10 per cent holdback from each advance until the project is done. The company has already received the first milestone advance payment of just $733,738.
The company has also received awarded funding for the CVW Horizon project from Emissions Reduction Alberta.
Shares of Titanium rose 10.71 per cent to $0.62 as of 1:23 p.m. EDT.