Toronto, Ontario...January 15, 2004...Titanium Corporation Inc. (the "Corporation") [TSXV:TIC] today announced that the board of directors has approved the retention of Ralph Schatzmair of Toronto, Ontario to perform investor relations and marketing activities on behalf of the Corporation.
Mr. Schatzmair graduated from McMaster University (in Hamilton, Ontario) in 1983 with a Bachelor of Commerce degree and spent 5 years in the insurance industry. Mr. Schatzmair was most recently a top producing investment representative for Yorkton Securities Inc. focusing on the technology, biotech, & resource sectors, and was formerly an investment representative with the Wealth Management division of Midland Walwyn.
The term of the agreement with Mr. Schatzmair will be until January 2005 (unless renewed by mutual agreement) and the Corporation will pay Mr. Schatzmair a monthly fee of Cdn. $4,000. Pursuant to the agreement, the Corporation also intends to issue 100,000 stock options exercisable at $1.97 per share for a period of five years, subject to the Corporation's stock option plan and to regulatory approval. In keeping with the policies of the TSX Venture Exchange and the Corporation's stock option plan, these options shall vest in stages over a period of 12 months.
The Corporation also announces that in addition to the above-mentioned stock options to be issued to Mr. Schatzmair, the board of directors has approved the issuance of 100,000 options to Mr. John Oxenford, an officer of the Corporation or to his consulting company, 100,000 options to Mr. Arthur Ditto, a director of the Corporation who is acting as a special advisor to the Chief Executive Officer and 200,000 options to Mr. Donald Lowe, a consultant to the Corporation acting as a special advisor to the Chief Executive Officer, all exercisable at $1.97 per share for a period of five years, subject to the Corporation's stock option plan and to regulatory approval. In keeping with the policies of the TSX Venture Exchange and the Corporation's stock option plan, these options shall vest in stages over a period of 18 months.
The Corporation also wishes to announce that the board of directors and George Elliott, the Corporation's Chairman, Chief Executive Officer and President have jointly agreed that for the period beginning January 2004, Mr. Elliott's cash compensation will be adjusted downward, on an annual basis from $300,000 to $200,000. In recognition of this adjustment and Mr. Elliott's ongoing service to the Corporation, the Board of Directors has approved the issuance of 100,000 options under the Corporation's stock option plan exercisable at $1.97 per share for a period of five years, subject to the Corporation's stock option plan and to regulatory approval, vesting in stages over a period of 18 months.
About Titanium Corporation Inc.
Titanium Corporation Inc. is a Toronto-based mineral exploration and development company whose shares are listed on the TSX Venture Exchange under the symbol "TIC", U.S. clearing symbol "TITUF", CUSIP Number: 88833T104. The Corporation's mission is to become the first titanium and zircon sand producer in Canada. On June 4, 2003, the Company entered into a three-way two-year exclusivity agreement between itself, Syncrude Canada Ltd. and a major titanium dioxide pigment producer, to jointly explore and develop the potential for extracting and producing titanium-bearing minerals and zircon from Syncrude's centrifuge plant tailing stream. The Company also controls a well advanced 102 square kilometer mineral sand deposit located on the Shubenacadie River, Nova Scotia, Canada. For more information, please visit www.titaniumcorporation.com.
Note: This press release contains projections and forward-looking statements regarding future events. Such forwardlooking statements are not guarantees of future performance of the Corporation and are subject to risks and uncertainties that could cause actual results and the Corporation's plans and objectives to differ materially from those expressed in the forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.
For further information:
George Elliott, Chairman
Titanium Corporation Inc.
(416) 955-0715 X 222
Ari Sussman, Senior Vice-President
Titanium Corporation Inc.
(416) 955-0715 X 223
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