Titan Mining Corporation (TSX:TI) announces the closing of its private placement, announced on September 18, 2019, of 18 million units at C$0.35 per unit, for aggregate gross proceeds of C$6.3 million. Each unit is comprised of one common share and one-half of a warrant of the Company. Each full warrant is exercisable into one common share of the Company at an exercise price of C$0.50 per share for a period of five years from the closing date of the private placement.
The Offering was subscribed to by directors and officers of the Company including Richard Warke, Executive Chairman, and Don Taylor, Chief Executive Officer, and other supportive shareholders including Ross Beaty. Aggregate insider participation in the Offering was approximately 84% (15,185,716 units in aggregate). The common shares issued in connection with the Offering are subject to a statutory hold period expiring on February 11, 2020.
Titan plans to use the net proceeds of the Offering for ongoing development and exploration drilling at the Empire State Mine as well as general working capital.
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. ESM is a group of zinc mines which started production in the early 1900s. Titan is built for growth, focused on value and committed to excellence.
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