Vancouver, B.C., October 13, 2017 – Titan Mining Corporation (“Titan” or the “Company”) is pleased to announce that it has obtained a receipt for its final prospectus filed with the securities regulatory authorities in each of the provinces and territories of Canada, other than Quebec, in connection with its initial public offering (the “Offering”) of common shares of the Company (the “Shares”) at a price of C$1.40 per Share (“the “Offering Price”).? The Company will issue 35,750,000 Shares (the “Offered Shares”) for total gross proceeds of C$50,050,000.
The Offering is being managed by a syndicate of underwriters led by Scotia Capital Inc., Canaccord Genuity Corp., and National Bank Financial Inc. (the “Lead Underwriters”) and includes PI Financial Corp. (collectively, with the Lead Underwriters, the “Underwriters”).
The Company has granted the Underwriters an over-allotment option, exercisable in whole or in part at any time until 15 days following the closing of the Offering, to purchase from the Company up to an additional 5,362,500 Shares (being equal to 15% of the Offered Shares to be sold in the Offering) at the Offering Price for additional gross proceeds of C$7,507,500 (if the over-allotment option is exercised in full) solely to cover over-allotments, if any, and for market stabilization purposes.
The net proceeds realized from the Offering are expected to be used: (i) to satisfy outstanding payment obligations in respect of Titan’s acquisition of all of the issued and outstanding shares of Balmat Holding Corp., (ii) to refurbish equipment and recommence operations at the Empire State Mine, (iii) for exploration and evaluation, and (iv) for general corporate purposes.
The closing of the Offering is expected to occur on or about October 19, 2017 (the “Closing Date”) and is subject to customary closing conditions, including the receipt of all necessary approvals. Titan has received conditional listing approval of the Toronto Stock Exchange (the “TSX”) for the listing of its common shares. Listing is subject to the Company fulfilling all the requirements of the TSX on or before December 27, 2017. The common shares are expected to commence trading on the TSX under the symbol “TI” on the Closing Date.
This offering is only made by prospectus.? The prospectus contains detailed information about the securities being offered.? Copies of the prospectus may be obtained from Scotia Capital Inc. in Canada, Attention: Equity Capital Markets (tel: 416-862-5837), Scotia Plaza, 64th Floor, 40 King Street West, M5H 1H1, Toronto, Ontario or from www.sedar.com.? Investors should read the prospectus before making an investment decision.
No securities regulatory authority has either approved or disapproved of the contents of this news release.? The common shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws. ?Accordingly, the common shares may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. ?This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Titan in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Titan Mining Corporation
Titan is a Canadian-based zinc exploration and development company with its principal asset being the Empire State Mine Project in the State of New York.
Cautionary Note Regarding Forward-Looking Information
This press release contains certain forward-looking statements, including statements with regard to the Offering, the Closing Date and the use of proceeds from the Offering. ?Words such as “expects”, “anticipates” and “intends” or similar expressions are intended to identify forward-looking statements. ?These forward-looking statements are subject to the inherent uncertainties in predicting future events, results and conditions and no assurance can be given that the Offering will be completed on the terms described. ?Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, use of proceeds or timing of events to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the “Risk Factors” section and other sections of the final prospectus available at www.sedar.com. Completion of the Offering is subject to numerous factors, many of which are beyond Titan’s control, including, without limitation, failure to satisfy closing conditions. No securities regulatory authority has expressed an opinion about the securities described herein and it is an offence to claim otherwise. Titan undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
For further information, please contact:
Jerrold Annett – Senior Vice President, Corporate Development
Telephone: 416-366-5678 Ext. 207 |? Email: firstname.lastname@example.org
Susan Muir – Vice President, Investor Relations and Corporate Communications
Telephone: 416-366-5678 Ext. 202 |? Email: email@example.com