CALGARY, Alberta, Jan. 19, 2022 (GLOBE NEWSWIRE) -- Titanium Corporation Inc. (the "Company" or "Titanium") (TSX-V: TIC)announces that it has granted an aggregate of: (i) 4,500,000 stock options ("Options") to certain executive officers and directors of the Company in accordance with the Company's shareholder approved stock option plan. The stock options are exercisable at a price equal to $0.46, the closing price of the Company's common shares on the date the Options were granted. The stock options expire in five years and become fully vested on the earlier of: (1) execution of a commercial agreement with an oilsands producer to build a first plant; (2) if the common shares of the Company trade above $1.25 for each trading day of a 90 day period; and (3) the acquisition of 50% or more of the Company's common shares by a third party or parties acting in concert, subject to the policies of the TSX Venture Exchange. Unlike previous grants of stock options which vested based on the lapse of time, the Options will only vest on outcomes aligned with shareholder interests.
The Options remain subject to the approval of the TSX Venture Exchange.
The board of directors (the "Board") of the Company has also determined that director fees for non-executive directors will be set at $30,000 annually payable in cash, which represents an aggregate reduction in fees payable to the Board of approximately $250,000 annually. No additional fees will be paid to directors who serve as Chair of the Board or on Committees of the Board. A consulting fee of $1,200 per day may be paid to directors for additional non-Board activities that the Company may request them to perform from time to time, subject to the prior approval of the Board.
Additionally, the Company has appointed Ingrid Meger as Corporate Secretary of the Company. Ms. Meger is currently the Vice President, Finance and Chief Financial Officer of the Company.
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
Titanium is a clean technology innovator focused on providing solutions to the mining sector of Canada’s oil sands industry. Titanium Corporation’s CVW™ technology provides sustainable solutions to reduce the environmental footprint of the oilsands industry. Our technology reduces the environmental impact of oil sands froth treatment tailings, while economically recovering valuable products that would otherwise be lost. CVW™ recovers bitumen, solvents, heavy minerals and water 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 would be created with the production and export of zircon and titanium, essential ingredients in the ceramics and pigment industries.
For further information, please contact:
|Scott Nelson||Ingrid Meger|
|President & CEO||Vice President Finance & CFO|
|(403) 561-0439||(403) 862-8325|
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.
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