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Gold/Mining/Energy : TITANIUM CORPORATION INC.- The Next Major Mining Play
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To: chevalier who started this subject12/3/2001 10:43:34 AM
From: rdww   of 343
 
Titanium closes $3-million private placement

Titanium Corporation Inc TIC
Shares issued 31,087,011 Nov 30 close $2.25
Mon 3 Dec 2001 News Release
Mr. George Elliott reports
Titanium Corporation has completed its private placement offering of
1,666,667 special warrants at a price of $1.80 per special warrant for
proceeds of $3-million.
Each special warrant will be exercisable for no additional consideration
into one common share and one-half of a common share purchase warrant of
the company until the earlier of: (a) the fifth business day following the
date on which a receipt has been issued for a prospectus by the securities
regulatory authorities in each of the offering jurisdictions to qualify the
common shares and warrants; and (b) 12 months following the closing date.
Each whole warrant entitles the holder to purchase one additional common
share at $2.20 for 18 months from the closing date.
The company will use its best efforts to file a prospectus and obtain a
receipt from the securities regulatory authorities in each of the offering
jurisdictions to qualify as freely tradable the common shares and warrants
issued upon the exercise of the special warrants. Should the company be
unable to obtain a receipt for a prospectus within 180 days from closing,
the special warrant holders shall receive 1.1 common shares and 0.55 of a
warrant for each special warrant held in lieu of one common share and
one-half of a warrant. In the event a receipt for a prospectus is not
obtained, or in the event a subscriber exercises his or her special
warrants prior to the time a receipt for a prospectus is obtained, the
common shares and warrants will be subject to a 12-month hold period from
the closing date (unless another prospectus exemption is relied on).
In consideration for acting as agent on the private placement, Canaccord
Capital Corporation was paid a commission of 8 per cent of the proceeds of
the offering. For purchases arranged by the company, Canaccord received a
reduced cash commission of 3.0 per cent. Canaccord was also issued
compensation warrants entitling it to purchase that number of common shares
equal to 10 per cent of the number of special warrants sold at a price of
$1.80 per share at any time on or before the date that is 18 months from
the closing date.
The proceeds received by the company from the sale of the special warrants
will be used, among other items, to conduct further drilling and
metallurgical work. The company has determined that it will no longer seek
flow-through treatment for one-third of the proceeds of the offering.
(c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com
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