Titan Mining Announces Closing of Over-Allotment Option in IPO
VANCOUVER, British Columbia, Nov. 06, 2017 (GLOBE NEWSWIRE) -- Titan Mining Corporation (“Titan” or the “Company”) (TSX:TI) today announces that the Underwriters of its previously announced initial public offering (the “Offering”) have exercised their over-allotment option to purchase an additional 1,200,000 common shares from Titan at a price of C$1.40 per share. The sale of these additional common shares closed earlier today, following the closing on October 19, 2017 of the sale by Titan of 35,750,000 common shares. As a result, the total Offering size was 36,950,000 common shares, for aggregate gross proceeds to Titan from the Offering of approximately C$51.7 million. The common shares began trading on the Toronto Stock Exchange on October 19, 2017 under the ticker symbol "TI".
The Offering was managed by a syndicate of underwriters led by Scotia Capital Inc., Canaccord Genuity Corp., and National Bank Financial Inc. (the “Lead Underwriters”) and included PI Financial Corp. (collectively, with the Lead Underwriters, the “Underwriters”).
The Offering was made only by means of a prospectus. The prospectus contains detailed information about the securities offered. Copies of the prospectus may be obtained from Scotia Capital Inc. in Canada, Attention: Equity Capital Markets (tel: 416-862-5837), Scotia Plaza, 64th Floor, 40 King Street West, M5H 1H1, Toronto, Ontario or from www.sedar.com. Investors should read the prospectus before making an investment decision.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The common shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws. Accordingly, the common shares may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Titan in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Titan Mining Corporation
Titan is a Canadian-based zinc exploration and development company with its principal asset being the Empire State Mine in the State of New York. For more information on the Company, please visit our website at www.titanminingcorp.com.