Titanium Corporation Announces $10 Million Funding Award by Sustainable Development Technology Canada for the Engineering Pha...
December 21 2020 - 5:30PM
Titanium Corporation Inc. (the "Company" or "Titanium")
(TSX-V: TIC) is pleased to announce that Sustainable
Development Technology Canada (“SDTC”) has approved a $10 million
contribution to the Company for the detailed engineering phase of
the CVW™ Horizon Project. The SDTC funding is subject to successful
negotiation of a Project Funding Agreement (“PFA”) with SDTC. The
proposed start date for SDTC funding is January 1, 2021 subject to
execution of the PFA.
“Canadian entrepreneurs are leading the global
stage in developing sustainable solutions for a more sustainable
future. With Titanium’s leadership in the circular economy, we will
see a new minerals industry created from waste and reduce the
environmental footprint of the oil sands.” Leah Lawrence, SDTC
President and CEO
“We wish to thank SDTC for their continued
support toward commercialization of our CVW™ sustainable
technology. SDTC was a significant supporter in the past during the
demonstration piloting phase of our technology development,”
commented Scott Nelson, Titanium’s President and CEO. “SDTC has
stepped forward to assist our Company and project during a
particularly challenging period for clean technology innovators and
all Canadians. We look forward to again working with the SDTC Team
as a valued partner in delivering new environmental technologies to
assist Canada’s oil sands industry reduce its environmental
footprint.”
“Our Government is proud to support Canadian
cleantech companies like Titanium Corporation that are helping to
secure Canada’s leadership position in clean technology growth
markets, while contributing to emission reduction targets,” said
the Honourable Navdeep Bains, Minister of Innovation, Science and
Industry. “With investments like this one through SDTC, we are
helping companies grow their cleantech businesses so that all
Canadians can benefit from a strong and sustainable economy, and a
clean and healthy environment, both now and for the future.”
Titanium has also been awarded funding for the
CVW™ Horizon project by Emissions Reduction Alberta, NRCan’s Clean
Growth Program and Environment and Climate Change Canada’s Low
Carbon Economy fund.
About Titanium Corporation
Titanium'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 will be created commencing with the
production and export of zircon and other titanium-based minerals.
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.
About SDTC
Sustainable Development Technology Canada (SDTC)
helps Canadian companies develop and deploy competitive, clean
technology solutions, to help solve some of the world’s most
pressing environmental challenges: climate change, clean air, clean
water and clean soil. By taking a cross-Canada approach, from seed
to scale, and in partnership with the best peers and experts, SDTC
is the global benchmark for sustainable development innovation
programming. As an independent federal foundation and flagship
program, SDTC’s funding of Canadian entrepreneurs has created jobs,
growth and long-term prosperity for Canada. Since inception, SDTC
has invested over $1.15billion in 400 companies, creating 13,000
jobs. SDTC companies have reduced greenhouse gas emissions by an
estimated 18.1 megatonnes annually, equivalent to the energy it
takes to heat 600 million homes.
Disclosure regarding forward-looking
information
This 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. 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, 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. In
addition to other factors and assumptions which may be identified
in this news release, assumptions have been made regarding, among
other things: the ability of the Company to successfully
negotiation a PFA with SDTC on terms acceptable to the Company or
at all; the anticipated timing for the commencement of the SDTC
funding; the ability of the Company to meet the required conditions
to the SDTC funding that will be required under the PFA; the
condition of the global economy, including trade, public health
(including the impact of the COVID-19 pandemic) and other
geopolitical risks; the stability of the economic and political
environment in which the Company operates; the success of the
detailed engineering phase of the Project; the ability of the
Company to enter into commercial contracts with oil sands producers
and to achieve commercialization of the CVW™ technology; 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 additional 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, 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 the date of this news
release 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
President & CEO
(403) 561-0439
snelson@titaniumcorporation.com
Jennifer Kaufield
Vice President Finance & CFO
(403) 874-9498
jkaufield@titaniumcorporation.com
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