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"


Antimony Resources Corp. (ATMY) (K8J0) Reports Massive Antimony Bearing Stibnite - Drills 4.17% Sb over 7.40 meters Including Three Zones of Massive Antimony Bearing Stibnite which returned 28.8% Sb, 21.9% Sb, and 17.9% Sb Respectively

Highlights Assays received High-grade assays returned for Drill H... READ MORE

July 2, 2025

Kenorland Minerals and Auranova Resources Report Drill Results at the South Uchi Project, Ontario; Auranova Completes Initial Earn-in

Kenorland Minerals Ltd. (TSX-V: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) a... READ MORE

July 2, 2025

Wallbridge Exploration Drilling Continues to Intercept High-Grade Gold Mineralization at Martiniere

Wallbridge Mining Company Limited (TSX: WM) (OTCQB:WLBMF) announc... READ MORE

July 2, 2025

ValOre Reports Results from Successful 87 Hole Trado® Auger Drilling Campaign at Pedra Branca, Including 10.0 m at 12.95 g/t 2PGE+Au from Surface

Provides Update on Pedra Branca PGE Project and Strategic Growth ... READ MORE

July 2, 2025

Pasinex Announces 2024 Annual and 2025, Q1 Financial Results

Pasinex Resources Limited (CSE: PSE) (FSE: PNX) announced financi... READ MORE

July 2, 2025

Copyright 2025 The Prospector News