Titan Mining Announces Closing of Credit Facility and Management Appointment
VANCOUVER, British Columbia, April 19, 2018 (GLOBE NEWSWIRE) -- Titan Mining Corporation (“Titan” or the “Company”) (TSX:TI) announces the closing of a senior secured credit facility with the Bank of Nova Scotia, and the appointment of Naomi Johnson as Vice President, Community Relations.
Closing of Senior Secured Credit Facility
Titan is pleased to announce the closing of a US$15 million senior secured credit facility with the Bank of Nova Scotia. On November 30, 2017, the Company announced that it had received a letter of commitment for the credit facility, of which US$5 million would become available on closing, with the remainder available based on certain production milestones. The Company remains fully financed to commercial production at the Empire State Mines’ #4 mine, which is expected in the second quarter of 2018. The two-year revolving credit facility provides additional flexibility to advance the Company’s business objectives over time.
Naomi Johnson joined Titan in April 2018. She is a global community relations executive, international development specialist and lawyer with 15 years of management experience in leadership positions across the private, public and not-for-profit sectors. Ms. Johnson was most recently a Partner and Senior Director of Community Relations at Barrick Gold. She has previously worked for Hatch, War Child Canada and the United Nations High Commissioner for Refugees. Ms. Johnson brings a broad perspective to the development of sustainable and leading-edge approaches to stakeholder impact and risk management at Titan.
Richard Warke, President and Chief Executive Officer, stated, “We will benefit from Naomi’s diverse experience as we continue to lay the groundwork for a significant positive long-term impact on the communities associated with our operation.”
About Titan Mining Corporation
Titan is a Canadian-based zinc exploration and development company which has as its principal asset the Empire State Mines in the State of New York. For more information on the Company, please visit our website at www.titanminingcorp.com.
For further information, please contact:
Jerrold Annett – Senior Vice President, Corporate Development
Jacqueline Allison – Vice President, Investor Relations and Strategic Analysis
Cautionary Note Regarding Forward-Looking Information
This press release contains certain forward-looking statements. Words such as “expects”, “anticipates” and “intends” or similar expressions are intended to identify forward-looking statements. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, use of proceeds or timing of events to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, the factors described in greater detail in the “Risks and Uncertainties” section and other sections of the Company’s Management’s Discussion and Analysis for the year ended December 31, 2017, available at www.sedar.com. No securities regulatory authority has expressed an opinion about the securities described herein and it is an offence to claim otherwise. Titan undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.