CALGARY, Alberta, Feb. 20, 2018 (GLOBE NEWSWIRE) -- Titanium Corporation Inc. ("Titanium" or the "Company") (TIC.V) announces that Mossco Capital Inc., an affiliated Canadian resident corporation controlled by Mr. Moss Kadey ("Mossco"), has exercised in full its 1,000,000 non-transferable common share purchase warrants of Titanium prior to the scheduled expiry of the warrants on December 21, 2018. The common shares of Titanium were issued 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 of Titanium for total proceeds of $700,000. No commissions or placement fees are payable in respect of the exercise of the warrants. Proceeds from the exercise of the warrants will be used for general corporate purposes.
"We appreciate this continuing strong support by Moss Kadey, who is a significant shareholder and active Board member," commented Scott Nelson, President and Chief Executive Officer of Titanium. "Mr. Kadey exercised his warrants 10 months in advance of their expiry which demonstrates his commitment to our company as we move forward with engineering design for the first implementation of our CVW™ technology."
About Titanium Corporation Inc.
Titanium's CVW™ technology provides sustainable solutions to reduce the environmental footprint of the oil sands industry. The Company is working with Canadian Natural Resources Limited on front end engineering design for deployment of CVW™ at Canadian Natural's Horizon oil sands site. The Company's technology reduces the environmental impact of oil sands tailings while economically recovering valuable products that would otherwise be lost. CVW™ 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 remediated 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.
Reader Advisories
This news release contains certain forward-looking information and statements (collectively, "forward-looking statements") within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking statements. In particular, but without limiting the forgoing, this news release contains statements concerning the anticipated use of the proceeds from the exercise of the Warrants.
Forward-looking statements are based on a number of material factors, expectations or assumptions of Titanium which have been used to develop such forward-looking statements but which may prove to be incorrect. Although Titanium believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Titanium can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The intended use of the proceeds from the exercise of the Warrants by Titanium might change if the board of directors of the Company determines that it would be in the best interests of Titanium to deploy the proceeds for some other purpose.
The forward-looking statements contained in this news release are made as of the date hereof and Titanium undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
This news 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.
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.