CALGARY, ALBERTA--(Marketwired - Oct. 13, 2015) -
NOT FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS
RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.
An affiliated Canadian resident corporation Mossco Capital Inc. ("Mossco"), controlled by Moss Kadey an independent director of Titanium Corporation Inc. (the "Company" or "Titanium") (TSX VENTURE:TIC) residing in Toronto, Ontario, reports that on October 9, 2015, Mr. Kadey acquired control over 500,000 common share purchase warrants (the "Warrants") of the Company. The Warrants were issued to Mossco in connection with the entering into of a loan agreement (the "Loan Agreement"), pursuant to which Mossco agreed to lend to Titanium the principal amount of up to $1,000,000 (the "Loan").
Each Warrant entitles the holder to acquire one common share ("Common Share") of Titanium at a price of $1.35 per Common Share prior to October 9, 2017. The Warrants were issued in reliance on the exemption found in Section 2.24 of National Instrument 45-106 - Prospectus Exemptions.
Following this acquisition, Mr. Kadey beneficially owns or controls, directly and indirectly, 6,220,000 Common Shares, representing approximately 9.64% of the currently outstanding Common Shares. Additionally, Mr. Kadey owns, directly or indirectly, collectively, 500,000 Warrants, 150,000 options to purchase Common Shares and 71,861 deferred share units of the Corporation convertible into Common Shares. Assuming the full exercise or conversion, as applicable, of all convertible securities held by Mr. Kadey and assuming the full exercise of all Warrants issued by the Company on October 9, 2015, Mr. Kadey would beneficially own or control, directly and indirectly, 6,941,861 Common Shares, representing approximately 10.64% of the Common Shares that would then be outstanding.
In addition, Mr. Kadey is entitled to receive $18,625 for directors' fees which will be settled through the issuance of deferred share units of the Corporation in accordance with the Corporation's deferred share unit plan.
Mr. Kadey may, from time to time, as market opportunities exist or develop or otherwise, increase or decrease his beneficial ownership of the Common Shares, Warrants or other convertible securities of Titanium as permitted by applicable securities laws.
A copy of the early warning report will be filed on SEDAR at
www.SEDAR.com with respect to the acquisition of the Warrants by Mossco and will be available upon request from the offices of the Company at: 510, 840-6th Avenue S.W., Calgary, Alberta T2P 3E5.
This press release does not constitute an offer of the Warrants for sale in the United States or in any jurisdiction in which such offer or sale would be unlawful. The Warrants have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States absent registration or an exemption from registration under that act.
About Titanium Corporation Inc.
Titanium Corporation's CVW(TM) technology provides sustainable solutions to reduce the environmental footprint of the oil sands industry. The Company's technology reduces the environmental impact of oil sands tailings while economically recovering valuable products that would otherwise be lost. CVW(TM) recovers bitumen, solvents and minerals 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 will be created commencing with the production and export of zircon, an essential ingredient in ceramics. The Company's shares trade on the TSX Venture Exchange under the symbol "TIC". For more information, please visit the Company's website at
www.titaniumcorporation.com .
The issuance of this news release is not an admission that an entity named in this news release owns or controls any securities of the Company or is a joint actor with any other named entity in this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.