- Titan Mining (TI) has raised just over C$8 million in a private placement to fund exploration work at its projects in the United States
- The company issued just over 16 million units at a price of 50 cents each, consisting of one common share and half of one common share purchase warrant
- Each whole warrant will be exercisable at a price of 75 cents per share for a period of three years from the date of issuance
- The proceeds will be used to fund drilling work at the company’s Mineral Ridge property as well as exploration on land around the Empire State Mine
- Titan Mining (TI) is currently down 1.59 per cent to $0.62 per share
Titan Mining (TI) has raised just over C$8 million in a private placement to fund exploration at its projects in the United States.
Under the terms of the placement, which was announced on September 9, the Vancouver-based company issued a total of 16,007,600 units at a price of $0.50 each. These units are comprised of one common share in Titan Mining and half of one common share purchase warrant.
Each whole warrant will entitle the holder to acquire an additional common share at a price of $0.75, exercisable over a period of three years from the date of issuance.
Titan Mining intends to use the proceeds to fund a comprehensive drill campaign at its newly optioned Mineral Ridge property in Esmeralda County, Nevada, as well as exploration work on land. surrounding its Empire State Mine in New York. A portion of the proceeds will also be used for general corporate and working capital purposes.
Don Taylor, CEO of Titan Mining, commented on the completion of the financing, which drew support from insiders of the company, including Executive Chairman, Richard Warke.
“We are excited to commence the company’s first drill program on the Mineral Ridge property with a target to rapidly expand resources around the existing open pits, which have been vastly under-explored to date, and thoroughly test the other targets with the potential for new discoveries,” he added.
Located approximately six kilometres northwest of Silver Peak and 56 kilometres southwest of Tonopah in Esmeralda County, the 5,617-hectare Mineral Ridge property is currently held under an option agreement with Scorpio Gold.
The deal was signed on August 31, 2020, and Titan anticipates immediately launching a drill program to expand resources surrounding the existing open pits and test other targets with the potential for new discoveries.
The Empire State Mine, on the other hand, is wholly owned by Titan and began producing zinc concentrate in March 2018.
Titan Mining (TI) is currently down 1.59 per cent to $0.62 per share at 11:08am EDT.