Titanium Announces Payment From Emission Reduction Alberta for the First Engineering Phase Milestone of the CVW™ Horizon Pr...
March 11 2021 - 4:00PM
Titanium Corporation Inc. ("Titanium" or the
"Company") (TSXV: TIC) today announced
the completion and payment of the first milestone of $800,000 less
a 20% holdback, from Emissions Reduction Alberta (“ERA”) for the
engineering phase of the CVW™ Horizon Project. The ERA payment is
the first under the $5 million ERA Contribution Agreement
previously announced on September 28, 2020.
The payment is with respect to 2020 joint
project costs totaling $5.4 million incurred by Titanium and
Canadian Natural Resources Limited (“Canadian Natural”) and shared
$1.6 million and $3.8 million, respectively. The net payment of
$640,000 is allocated on a 30% (Titanium - $192,000) and 70%
(Canadian Natural - $448,000) basis under the 2020 Project
Coordination Agreement, previously announced on December 22,
2020.
About Titanium Corporation
Inc.
Titanium's CVW™ technology provides sustainable
solutions to reduce the environmental footprint of the oil sands
industry. The Company is working with Canadian Natural on
engineering validation of its CVW™ technology. The Company's
technology reduces the environmental impact of oil sands tailings
while economically recovering valuable products that would
otherwise be lost. CVW™ recovers bitumen, solvents and minerals
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
remediated more readily. A new minerals industry will be created
commencing with the production and export of zircon, an essential
ingredient in ceramics. The Company's shares trade on the TSX
Venture Exchange under the symbol "TIC". For more information,
please visit the Company's website at
www.titaniumcorporation.com.
About Emissions Reduction
Alberta (“ ERA”
https://www.eralberta.ca)
For more than 10 years, ERA has been investing
the revenues from the carbon price paid by large final emitters to
accelerate the development and adoption of innovative clean
technology solutions. Since ERA was established in 2009, they have
committed $616 million toward 186 projects worth $4.5 billion that
are helping to reduce GHGs, create competitive industries and are
leading to new business opportunities in Alberta. These projects
are estimated to deliver cumulative reductions of 35 million tonnes
of CO₂e by 2030.
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
Tel: (403) 561-0439
Email: snelson@titaniumcorporation.com
Jennifer Kaufield
Vice President Finance & CFO
Tel: 403-874-9498
Email: jkaufield@titaniumcorporation.com
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