CALGARY, Alberta, Feb. 20, 2018 (GLOBE NEWSWIRE) -- An affiliated Canadian resident corporation Mossco Capital Inc. ("Mossco"), controlled by Moss Kadey an independent director of Titanium Corporation Inc. (the "Company" or "Titanium") residing in Toronto, Ontario, reports that on February 16, 2018, Mr. Kadey acquired control over 1,000,000 common shares ("Common Shares") of the Company in connection with the exercise of 1,000,000 Common Share purchase warrants ("Warrants"). The Warrants were issued to Mossco pursuant to the terms of a warrant certificate issued by the Company on December 21, 2016 as consideration for entering into a standby purchase agreement dated November 9, 2016 among Titanium and a number of standby purchasers, including Mossco, in connection with the Company's rights offering which closed on December 19, 2016.
The Warrants were exercised at a price of $0.70 per share and resulted in the issuance of 1,000,000 Common Shares to Mossco for total proceeds of $700,000. No commissions or placement fees are payable in respect of the exercise of the Warrants.
Following this acquisition, Mr. Kadey beneficially owns or controls, directly and indirectly, 10,759,167 Common Shares, representing approximately 13.1% of the currently outstanding Common Shares. Additionally, Mr. Kadey owns, directly or indirectly, collectively, 150,000 options to purchase Common Shares and 223,407 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, Mr. Kadey would beneficially own or control, directly and indirectly, 11,132,574 Common Shares, representing approximately 12.5% of the Common Shares that would then be outstanding.
Mossco, Mr. Kadey and (to Mr. Kadey's knowledge) the affiliates of Mossco and Mr. Kadey, acquired the Common Shares for investment purposes. Mossco and its affiliates may, depending on market and other conditions, increase or decrease their ownership of Common Shares or other securities of the Company, whether in the open market, by privately negotiated agreement or otherwise.
A copy of the early warning report will be filed on SEDAR at www.SEDAR.com and will be available upon request from the offices of Mossco Capital Inc., 33 Charles Street East Suite 3604, Toronto, Ontario M4Y 0A2.
This press release does not constitute an offer of the Common Shares for sale in the United States or in any jurisdiction in which such offer or sale would be unlawful. The Common Shares 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.
FOR FURTHER INFORMATION OR TO OBTAIN A COPY OF THE EARLY WARNING REPORT
TO BE FILED IN CONJUNCTION WITH THIS PRESS RELEASE, PLEASE CONTACT:
Mossco Capital Inc.
33 Charles Street East Suite 3604
Toronto, Ontario
M4Y 0A2
Telephone: 416-487-8100
The Company's head office is located at:
Titanium Corporation Inc.
1020, 903 – 8th Avenue S.W.
Calgary, Alberta Canada T2P 0P7
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.