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"


Legacy Gold Intersects Broad Zones of Gold Mineralization at Baner Property, Idaho: Hole 004 - 0.59 g/t Gold Over 71.6 m and 1.15 g/t Gold Over 18.3 m

Legacy Gold Mines Ltd. (TSX-V: LEGY) is pleased to report assay results from six (6) additional Reve... READ MORE

November 17, 2025

Galiano Gold Advances Towards a Maiden Underground Resource at Abore with Additional High-Grade Results Encountered Including 4.7 g/t Au over 28m and 3.5 g/t Au over 17m

Galiano Gold Inc. (TSX: GAU) (NYSE American: GAU) is pleased to provide an update on the 2025 Abor... READ MORE

November 17, 2025

First Phosphate Closes Oversubscribed Private Placement to Existing and Follow-on Investors

First Phosphate Corp. (CSE: PHOS) (OTCQX: FRSPF) (FSE: KD0) is pleased to announce that, on November... READ MORE

November 17, 2025

Revival Gold Intersects 1.4 g/T Oxide Gold Over 44.2 Meters in Shallow Drilling and Extends Mineralization at Mercur

Revival Gold Inc. (TSX-V: RVG) (OTCQX: RVLGF) is pleased to provide further results from ongoing dr... READ MORE

November 17, 2025

Western Exploration Drilling Confirms New Precious Metals Bearing Epithermal System at Aura Project with 3.0 Meters of 7.1 G/t Gold at Tomasina Fault Zone

Western Exploration Inc. (TSX-V: WEX) (OTCQX: WEXPF) is pleased to announce results of the first fiv... READ MORE

November 17, 2025

Copyright 2025 The Prospector News