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Titanium Corporation announces closing of equity offering
Titanium Corporation announces closing of equity offering.
About this update from Cvw Sustainable Royalties Inc.
[{"type":"text","content":"\n\n\n\n\nTORONTO, Aug. 25 /CNW/ - Titanium Corporation Inc. (TSXV:TIC) is pleased\nto announce that it has today closed the offering of securities previously\nannounced in a press release dated August 9, 2005 and raised $23,875,002. BMO\nNesbitt Burns Inc. acted as lead agent in a syndicate with GMP Securities\nLimited, Clarus Securities Inc., Paradigm Capital Inc., Acadian Securities\nInc., Dundee Securities Corporation and First Associates Investments Inc. to\nsell, by private placement, 10,611,112 units, comprised of one common share in\nthe capital of the Company and one whole warrant at a price of $2.25 per unit.\nEach warrant will be exercisable for one common share at an exercise price of\n$3.25 per common share until August 25, 2007. The hold period on all\nsecurities purchased under the offering expires 4 months after the closing\ndate.\nProceeds of the financing will be used primarily to fund the next phase\n(Phase I) of Titanium Corporation's Oil Sands Project including the design,\nengineering and construction of expandable production facilities, and for\ngeneral corporate purposes. Also, since August 17, 2005, 1,899,315 share\npurchase warrants were exercised resulting in 1,899,315 common shares being\nissued at the price of $2.00 per share for gross proceeds of $3,798,630.\n\"The infusion of funds from the financing along with the recent exercise\nof warrants allows the Company to be well capitalized for the next phase of\nour development plan, which includes the design and construction of the first\nphase of production facilities in Fort McMurray\", says Titanium Corporation\nPresident and CEO, Scott Nelson.\nTitanium Corporation advises that the total issued and outstanding common\nshares after the foregoing are 54,586,418.\n\nAbout Titanium Corporation\n--------------------------\n\nTitanium Corporation Inc. is a Toronto-based mineral development company\nwhose shares are listed on the TSX Venture Exchange under the symbol \"TIC\",\nU.S. clearing symbol \"TITUF\", CUSIP Number: 88833T104. The Company's mission\nis to become the first titanium and zircon sand producer from Canada's oil\nsands. Through extensive research, including the construction and operation of\na pilot facility, the Company has developed proprietary technology to recover\nvaluable titanium-bearing minerals and zircon from oil sands tailings....