TORONTO, Aug. 25 /CNW/ - Titanium Corporation Inc. (TSXV:TIC) is pleased to announce that it has today closed the offering of securities previously announced in a press release dated August 9, 2005 and raised $23,875,002. BMO Nesbitt Burns Inc. acted as lead agent in a syndicate with GMP Securities Limited, Clarus Securities Inc., Paradigm Capital Inc., Acadian Securities Inc., Dundee Securities Corporation and First Associates Investments Inc. to sell, by private placement, 10,611,112 units, comprised of one common share in the capital of the Company and one whole warrant at a price of $2.25 per unit. Each warrant will be exercisable for one common share at an exercise price of $3.25 per common share until August 25, 2007. The hold period on all securities purchased under the offering expires 4 months after the closing date. Proceeds of the financing will be used primarily to fund the next phase (Phase I) of Titanium Corporation's Oil Sands Project including the design, engineering and construction of expandable production facilities, and for general corporate purposes. Also, since August 17, 2005, 1,899,315 share purchase warrants were exercised resulting in 1,899,315 common shares being issued at the price of $2.00 per share for gross proceeds of $3,798,630. "The infusion of funds from the financing along with the recent exercise of warrants allows the Company to be well capitalized for the next phase of our development plan, which includes the design and construction of the first phase of production facilities in Fort McMurray", says Titanium Corporation President and CEO, Scott Nelson. Titanium Corporation advises that the total issued and outstanding common shares after the foregoing are 54,586,418. About Titanium Corporation -------------------------- Titanium Corporation Inc. is a Toronto-based mineral development company whose shares are listed on the TSX Venture Exchange under the symbol "TIC", U.S. clearing symbol "TITUF", CUSIP Number: 88833T104. The Company's mission is to become the first titanium and zircon sand producer from Canada's oil sands. Through extensive research, including the construction and operation of a pilot facility, the Company has developed proprietary technology to recover valuable titanium-bearing minerals and zircon from oil sands tailings. For more information, please visit www.titaniumcorporation.com. Disclosure regarding forward-looking statements Note: This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Corporation. These risks and uncertainties could cause actual results and the Corporation's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. The Corporation assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.