The Prospector News

Titan Closes $40M Credit Facility From National Bank Consolidating Prior Loans

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Titan Closes $40M Credit Facility From National Bank Consolidating Prior Loans

 

 

 

 

 

Titan Mining Corporation (TSX:TI) is pleased to announce the closing of a revolving credit facility with National Bank of Canada for US$40 million. In addition to the Credit Facility, National Bank has provided the Company with an up to US$15 million treasury line enabling additional access to funds for future zinc contract commitments.

 

Titan will use the proceeds to consolidate previous loans held with Augusta Investments Inc. and the Bank of Nova Scotia. Executive Chairman, Richard Warke will guarantee the National Bank credit facility through Augusta Investments and its related entity for an annual rate of 1.125%.

 

Don Taylor, President and CEO, commented, “We are pleased to have closed the credit facility with National Bank. Overall, it will simplify our credit structure and lower our cost of debt. Another major advantage with the facility is our ability to conduct forward sales of our concentrates without using our capital as down payment, as was previously required. The forward sales are a necessary tool to help protect the Company from fluctuations in the zinc price. I trust this will be the beginning of a long and mutually beneficial relationship with National Bank and the quality team they bring to the industry.”

 

The Credit Facility will bear interest at SOFR plus 2.25% or National Bank’s base rate plus 1.25% a standby fee of 0.5625% and have an 18-month maturity with an annual extension option.

 

About Titan Mining Corporation

Titan is an Augusta Group company which produces zinc concentrate at its 100%-owned Empire State Mine located in New York state. Titan is built for growth, focused on value and committed to excellence.

Posted June 7, 2022

Share this news article

MORE or "UNCATEGORIZED"


SLAM Raises $2,072,750 From Oversubscribed Private Placement

SLAM Exploration Ltd. (TSX-V: SXL) is pleased to report that it h... READ MORE

March 12, 2026

First Quantum Minerals Announces Sale of Çayeli Mine

First Quantum Minerals Ltd. (TSX: FM) announces that it has enter... READ MORE

March 12, 2026

Summit Royalties Announces Agreement to Acquire Royalty on Newmont's Saddle North Deposit

Summit Royalties Ltd. (TSX-V: SUM) (OTCQB: SUMMF) is pleased to a... READ MORE

March 12, 2026

G Mining Ventures Reports Year-End 2025 Mineral Reserves and Resources; Gold Reserves Increase 221% to 6.52 Moz

Proven and Probable Mineral Reserves total 6.52 Moz of gold at an... READ MORE

March 12, 2026

Q4 and Full Year 2025 Operational and Financial Results: Q4 Net Income of $38.1M ($0.70 per Share) vs. Net Loss of $8.2M ($0.16 per Share) in Q4 2024; Advancing Key Developments to Double Production by 2030

McEwen Inc. (NYSE:MUX) (TSX: MUX) announced its fourth quarter (Q... READ MORE

March 12, 2026

Copyright 2026 The Prospector News