Calgary, Alberta -- June 1, 2016 -- Titanium Corporation Inc. ("Titanium" or the "Company") announced that it has issued restricted share units of the Company ("RSUs") and deferred share units of the Company ("DSUs") under each of the Company's shareholder approved restricted share unit plan (the "RSU Plan") and deferred share unit plan (the "DSU Plan"), respectively.
The Company issued an aggregate of 74,663 RSUs to certain officers of the Company under the RSU Plan in settlement of $27,625 of compensation owing to certain officers for the quarter ended May 31, 2016. The RSUs vest immediately and entitle the holder to acquire common share (the "Common Share") of the Company underlying such RSUs by delivering a notice of acquisition to the Company and paying the required award price and withholding taxes, all in accordance with the RSU Plan.
Additionally, the Company issued an aggregate of 145,102 DSUs to non-executive directors under the DSU Plan in settlement of $53,688 of directors' compensation for the quarter ended May 31, 2016. The DSUs are to be settled in Common Shares when the director retires from all positions with the Company.
Under each of the RSU Plan and the DSU Plan, the RSUs and DSUs were priced based on the weighted average price per Common Share at which the Common Shares traded on the TSX Venture Exchange during the last five trading days preceding the issuance.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities in any jurisdiction. The common shares of Titanium will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, or to a U.S. person, absent registration or applicable exemption therefrom.
About Titanium Corporation Inc.
Titanium Corporation's CVW™ technology provides sustainable solutions to reduce the environmental footprint of the oil sands industry. The Company's technology reduces the environmental impact of oil sands tailings while economically recovering valuable products that would otherwise be lost. CVW™ recovers bitumen, solvents and minerals from tailings, preventing these commodities from entering tailings ponds and the atmosphere: volatile organic compound and greenhouse gas emissions are materially reduced; hot tailings water is improved in quality for recycling; and residual tailings can be thickened more readily. A new minerals industry will be created commencing with the production and export of zircon, an essential ingredient in ceramics. The Company's shares trade on the TSX Venture Exchange under the symbol "TIC". For more information, please visit the Company's website at www.titaniumcorporation.com.
Disclosure regarding forward-looking statements
This press release contains forward-looking statements. More particularly, this press release contains statements concerning the anticipated form of settlement of the DSUs and the RSUs. Although the Company believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, contact:
|Scott Nelson||Jennifer Kaufield|
|President & CEO||Vice President Finance & CFO|
|Tel: (403) 561-0439||Tel: (403) 874-9498|