Titan completes $40 million credit facility with National Bank consolidating previous loans
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VANCOUVER, British Columbia, June 07, 2022 (GLOBE NEWSWIRE) — Titan Mining Corporation (TSX: TI) (“Titan“or the”Company”) is pleased to announce the closing of a revolving credit facility with National Bank of Canada (“National Bank”) for $40 million (the “Credit facility”). In addition to the credit facility, National Bank has provided the Company with a cash line of up to US$15 million allowing additional access to funds for future zinc contractual commitments.
Titan will use the proceeds to consolidate previous loans held with Augusta Investments Inc. (“Augusta Investments”) and the Bank of Nova Scotia. Executive Chairman Richard Warke will guarantee National Bank’s credit facility through Augusta Investments and its related entity at an annual rate of 1.125%.
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Don Taylor, President and Chief Executive Officer, said, “We are pleased to have entered into the credit facility with National Bank. Overall, this will simplify our credit structure and reduce the cost of our debt. Another major benefit of the facility is our ability to make forward sales of our concentrates without using our capital as a down payment, as was previously required. Forward sales are a necessary tool to protect the Company from fluctuations in the price of zinc. I hope this will be the start of a long and mutually beneficial relationship with National Bank and the quality team it brings to the industry. »
The credit facility will bear interest at SOFR plus 2.25% or National Bank base rate plus 1.25%, a standby fee of 0.5625% and will have an 18-month maturity with an option to extend. annual.
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About Titan Mining Corporation
Titan is an Augusta Group company that produces zinc concentrate at its wholly owned Empire State mine located in New York State. Titan is built for growth, value driven and committed to excellence. For more information about the Company, please visit our website at www.titanminingcorp.com.
For more information, please contact:
Email: [email protected]
Caution Regarding Forward-Looking Information
Certain statements and information contained in this new release constitute “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”). These statements appear at several places in this press release and include statements regarding our intention, or the current beliefs or expectations of our officers and directors, including the use of proceeds from the credit facility. When used in this press release, words such as “to be”, “will”, “planned”, “expected”, “potential” and similar expressions are intended to identify such forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements as the Company cannot guarantee that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from those anticipated in these forward-looking statements, including the risks, uncertainties and other factors identified in the periodic filings. of the Company with the Canadian securities authorities. . These forward-looking statements are based on various assumptions, including assumptions regarding the ability to advance exploration efforts at ESM; the results of such exploration efforts; the ability to secure adequate funding (if required); the Company maintains its current strategy and objectives; and the Company’s ability to achieve its growth objectives. Although the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Except as required by applicable law, we undertake no obligation to update or publicly announce the results of any changes to any forward-looking statements contained herein to reflect actual results, future events or developments. , changes in assumptions or changes in other factors affecting the forward-looking statements. If we update one or more forward-looking statements, no conclusion should be drawn that we will make additional updates with respect to such or other forward-looking statements. You should not place undue importance on forward-looking statements and should not rely on such statements as of any other date. All forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.