Toronto, Ontario ... February 17, 2004 ... Titanium Corporation Inc. [TSXV:TIC] is pleased to announce that it has today closed the brokered private placement announced in its press release dated January 7, 2004 and raised gross proceeds of $8,007,000. The hold period on all securities purchased under the offering expires on June 18, 2004.
The offering has been co-led by First Associates Investments Inc. and Dundee Securities Corp. (the "Agents"). Acadian Securities Inc. and Hampton Securities Ltd. acted as sub-agents on the offering. The Agents received a 7% commission on the gross proceeds raised together with options entitling the Agents to purchase 376,800 units for $1.70 per unit until February 17, 2005. Each unit consists of one share and one-half of one purchase warrant. Each whole warrant entitles the Agents to purchase one common shares for $2.00 until August 17, 2005.
Proceeds of the financing will be used to pay for the construction and operation of the pilot plant being constructed in Regina, Saskatchewan at the facilities of The Saskatchewan Research Council for processing titanium and zircon bearing heavy minerals from Syncrude's centrifuge plant tailings stream and for general corporate purposes (see press release of December 10, 2003).
Mr. Elliott, the President and Chief Executive Officer of Titanium Corporation said "I am pleased by the closing of this financing. The funds raised will permit the company to complete the construction of, and to operate the pilot plant in Saskatchewan. The pilot plant will allow the company to showcase its technology for the recovery of heavy minerals from the Syncrude centrifuge plant tailings stream."
About Syncrude Canada Ltd.
The Syncrude Project is a joint venture operated by Syncrude Canada Ltd. and owned by, Canadian Oil Sands Limited Partnership, Canadian Oil Sands Limited, Conoco Phillips Oilsands Partnership II, Imperial Oil Resources, Mocal Energy Limited, Murphy Oil Company Limited, Nexen Inc. and Petro-Canada Oil and Gas.
Trading Symbols for Public Syncrude Joint Venture Owners:
Canadian Oil Sands Limited Partnership COS.UN -TSE
Canadian Oil Sands Limited
Conoco Phillips Oilsands Partnership II COP/NYSE
Imperial Oil Resources IMO-TSX
Mocal Energy Limited
Murphy Oil Company Limited MUR-NYSE
Nexen Inc. NXY-TSX/NYSE
Petro-Canada Oil and Gas PCA-TSX/PCZ-NYSE
About Titanium Corporation
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 TiO2 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 forward-looking 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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