- Titan Mining (TI) is set to raise up to C$8 million in a private placement to fund work at its projects in the United States
- The company intends to issue 16 million units at a price of $0.50 each, consisting of one common share and half of one common share purchase warrant
- Each whole warrant will be exercisable at a price of $0.75 per share for a period of three years
- The proceeds will be used to fund a drill program at the Mineral Ridge property in Nevada, as well as exploration at the Empire State Mine in New York
- Titan Mining (TI) is currently down 5.17 per cent and is trading at 55 cents per share at 2:42pm EDT
Titan Mining (TI) is set to raise up to C$8 million in a private placement to fund work at its projects in the United States.
Under the terms of the placement, the Vancouver-based company intends to issue 16 million units at a price of $0.50 each. These units will be 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.
Among those to have already subscribed for units under the placement is Richard Warke, Executive Chairman of Titan Mining, as well as a number of other existing shareholders.
Don Taylor, CEO of Titan Mining, said the financing is timely and proportional.
“It will allow Titan to rapidly advance the Mineral Ridge property in Nevada as well as support continued exploration on the highly prospective ground around our existing ESM mine in New York,” 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 5.17 per cent and is trading at 55 cents per share at 2:42pm EDT.