Company sells units with warrants to finance pilot testing operations
By Devika Patel
Knoxville, Tenn., Dec. 15 - Titanium Corp. Inc. said it completed a private placement of units. The deal priced for between C$10 million and C$15 million with a C$2.25 million greenshoe on Nov. 30 and raised C$14.33 million.
The company sold 7,165,500 units of a common share and a half-share warrant at C$2.00 per unit.
Each whole warrant will be exercisable at C$2.50 for 18 months. The strike price reflects a 28.21% premium to the Nov. 29 closing share price of C$1.95.
The deal was conducted on a commercially reasonable, best-efforts agency basis by a syndicate of agents led by GMP Securities LP and including Byron Securities Ltd. and Jacob Securities Inc.
Proceeds will be used for the company's ongoing pilot testing operations, costs associated with the commercialization of the Creating Value from Waste process, including engineering design costs, and general corporate purposes.
The Edmonton, Alta., company is developing technology to recover heavy minerals and bitumen contained in the waste tailings streams from oil sands mining operations near Fort McMurray, Alta.
| Issuer: | Titanium Corp. Inc.
|
| Issue: | Units of a common share and a half-share warrant
|
| Amount: | C$14,331,000
|
| Units: | 7,165,500
|
| Price: | C$2.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$2.50
|
| Agents: | GMP Securities LP (lead), Byron Securities Ltd. and Jacob Securities Inc.
|
| Pricing date: | Nov. 30
|
| Settlement date: | Dec. 15
|
| Stock symbol: | TSX Venture: TIC
|
| Stock price: | C$1.95 at close Nov. 29
|
| Market capitalization: | C$107.28 million
|
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