Titanium Corporation Inc. (the “Company” or “Titanium”)
(TSX-V: TIC) today provided an update on its current
business activities and actions the Company is taking in light of
the unprecedented global pandemic and other events that are
affecting all sectors of Canada’s economy and its citizens.
The occurrence and timing of future steps with
respect to the CVW™ Horizon Project are uncertain and will depend
on several factors beyond our control including, but not limited
to: the duration of the COVID-19 pandemic and the unknown short and
long-term economic impacts resulting from it; the duration of the
Saudi Arabia / Russia oil price war which is seriously impacting
Canada and Alberta’s oil industry; any improvement in oil demand
and prices as well as the demand and prices for mineral sands
products; measures that governments are taking to support Canadian
workers, companies and, in particular, Alberta’s energy industry in
light of the COVID-19 pandemic; and the continued support of
funding programs available for sustainable technology projects,
including the potential extension of such programs and flexibility
from the funding agencies in contracting the funding that has been
awarded to Titanium for the next phase of the post-FEED activities
for the CVW™ Horizon
Project.
Our team is working remotely with our business
partners and the government funding agencies supporting our
project. Titanium and Canadian Natural’s joint project team
continues to effectively collaborate on the post-FEED project
engineering reviews and planning related to next steps for the CVW™
Horizon Project.
The Company believes that its CVW™ technology
will provide important environmental and economic benefits that
will assist with the recovery of a resilient and sustainable energy
industry in Alberta and Canada.
The Company has taken measures to protect its
balance sheet, reduce costs and conserve cash over the months ahead
including reducing all salaries. Titanium’s President and Chief
Executive Officer has voluntarily reduced his salary by 20% and the
other members of the management team have voluntarily reduced their
salaries by 15%. At April 1, 2020, the Company’s cash
position was $4.2 million and the Company has minimal outstanding
payables and financial obligations.
The Company is planning to report its December
31, 2019 year end results in late April 2020.
This year, out of an abundance of caution to
proactively deal with the unprecedented public health impact of the
COVID-19 pandemic and given the declared states of public health
emergencies across Canada, Titanium intends to reschedule its
annual and special meeting of shareholders (the
"Meeting") from May 19, 2020 to late June 2020 and
hold the Meeting in a virtual only format, which will be conducted
via live audio webcast. The Company believes that hosting a
virtual only Meeting in the face of the COVID-19 pandemic is in the
best interests of all stakeholders and the broader community as a
whole. Shareholders will have an opportunity to participate
at the Meeting online regardless of their geographic
location. The board of directors of the Company have approved
an amendment and restatement of by-law 1 of the Company solely to
provide for the ability of the Company to hold the Meeting in a
virtual-only format under the Canada Business Corporations Act,
which will be in effect for this year's Meeting and will cease to
have effect if shareholders do not confirm the amendment and
restatement at the Meeting. Additional details with respect
to the Meeting, including putting forward the amendment and
restatement of by-law 1 for approval by shareholders, will be
included in the Company's management information circular in
respect of the Meeting, which is expected to be mailed to
shareholders and filed under the Company's profile on www.sedar.com
in mid-May. Information respecting the virtual Meeting will
also be made available on the Company's website at
www.titaniumcorporation.com. The amended and restated by-law
1 of the Company will be available under the Company's profile on
www.sedar.com.
The Company has taken steps to ensure the health
and safety of our people and the continuity of our business amidst
the COVID-19 pandemic. The Company’s offices have been closed
for the past several weeks and employees have been working from
home, as well as practicing social distancing as mandated by the
Alberta and Federal governments. Our staff and their families are
well and remain unaffected by COVID-19 at this time.
About Titanium Corporation
Inc.Titanium Corporation’s CVW™ technology provides
sustainable solutions to reduce the environmental footprint of the
oil sands 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 commencing with the
production and export of zircon, an essential ingredient in
ceramics. The Company’s shares trade on the TSX-V under the symbol
“TIC”. For more information please visit the Company’s website at
www.titaniumcorporation.com.
Disclosure regarding forward-looking
informationThis news release contains forward-looking
statements and information within the meaning of applicable
Canadian securities laws (collectively, "forward-looking
information") that reflect the current expectations of
management about the future results, performance, achievements,
prospects or opportunities for Titanium, including statements
relating to the occurrence and timing of future steps with respect
to the CVW™ Horizon Project and the factors that are expected to
affect such occurrence and timing; the continued effective
collaboration between the Company and Canadian Natural; the
Company's ongoing engagement with its business partners and
government funding agencies; timing expectations for reporting of
the Company's yearend financial results; the expected timing,
format of and certain items of business to be considered at, the
Meeting, as well as the timing for mailing and posting of materials
relating to the Meeting; and the advantages of the Company's
technology in assisting with the recovery of the energy industry in
Alberta and Canada. These statements generally can be
identified by use of forward-looking words such as "may", "will",
"expect", "estimate", "anticipate", "believe", "project", "should"
or "continue" or the negative thereof or similar variations.
Forward-looking information is presented in this
news release for the purpose of assisting investors and others in
understanding certain key elements of our commercialization
progress and business plan, as well as our objectives, strategic
priorities and business outlook, and in obtaining a better
understanding of our anticipated operating environment. Readers are
cautioned that such information may not be appropriate for other
purposes.
Forward-looking information, by its very nature,
is subject to inherent risks and uncertainties and is based on many
assumptions, both general and specific, which give rise to the
possibility that actual results or events could differ materially
from our expectations expressed in or implied by such
forward-looking information and that our business outlook,
objectives, plans and strategic priorities may not be
achieved. Macro-economic conditions, including public health
concerns (including the impact of the COVID-19 pandemic) and other
geopolitical risks, the condition of the global economy and,
specifically, the condition of the oil and natural gas industry
including the collapse of global crude oil prices, other commodity
prices and the decrease in global demand for crude oil in March
2020, as well as the significant volatility in world markets may
adversely impact oil sands producers' program plans, including
proceeding with an investment decision in further post-FEED project
activities, which could materially adversely impact the Company. In
addition to other factors and assumptions which may be identified
in this news release, assumptions have been made regarding, among
other things: the condition of the global economy, including trade,
public health (including the impact of the COVID-19 pandemic) and
other geopolitical risks; the ability of the Company to complete
its annual filings by the end of April 2020 and hold the virtual
Meeting at the end of June 2020; the stability of the economic and
political environment in which the Company operates; the success of
the post-FEED study project activities; the ability of the Company
to enter into commercial contracts with oil sands producers and to
achieve commercialization of the CVW™ technology, including the
anticipated scope of such commercial contracts; the ability of the
Company to enter into commercial contracts with other strategic
partners in relation to building and operating facilities, as
required; the ability of the Company to retain qualified staff; the
ability of the Company to obtain financing on acceptable terms,
including available grant and financing opportunities from
government programs and finalizing funding agreements for such
government programs; the translation of the results from the
Company's research, pilot programs, FEED project activities,
post-FEED study project activities and studies into the results
expected on a commercial scale; future oil and zircon prices and
the impact of lower prices on activity levels and cost savings of
oil sands producers; the impact of increasing competition; the
ability to protect and maintain the Company's intellectual
property; currency, exchange and interest rates; the regulatory
framework regarding royalties, taxes and environmental matters in
the jurisdictions in which the Company operates; and the ability of
the Company to successfully market its CVW™ technology. As a
result, we cannot guarantee that any forward-looking information
will materialize and we caution you against relying on any of this
forward-looking information. Accordingly, readers should not place
undue reliance on forward-looking information.
Additional information on these and other
factors are disclosed in our most recently filed management's
discussion and analysis, including under the heading “Discussion of
Risks”, and in other reports filed with the securities regulatory
authorities in Canada from time to time and available on SEDAR
(sedar.com).
The forward-looking information contained in
this news release describes our expectations as of April 7, 2020
and, accordingly, are subject to change after such date.
Except as may be required by Canadian securities laws, we do not
undertake any obligation to update or revise any forward-looking
information contained in this news release, whether as a result of
new information, future events or otherwise.
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.
For further information, contact:
Scott Nelson |
Jennifer Kaufield |
President & CEO |
Vice President Finance & CFO |
Tel: (403) 561-0439 |
Tel: (403) 874-9498 |
Email: snelson@titaniumcorporation.com |
jkaufield@titaniumcorporation.com |
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