Titanium Corporation Announces Signing of $10 Million Project Funding Agreement With Sustainable Development Technology Canad...
April 08 2021 - 4:00PM
Titanium Corporation Inc. (the "Company" or "Titanium")
(TSX-V: TIC) is pleased to announce the signing of a $10
million Project Funding Agreement (“PFA”) with Sustainable
Development Technology Canada (“SDTC”) for engineering of the CVW™
Horizon Project. The SDTC funding contribution was previously
announced on December 21, 2020 and was subject to the successful
negotiation of the PFA.
The effective date for the SDTC funding
contribution is December 1, 2020. Advances of the funding
contribution for eligible costs are paid in advance of each
milestone. With the completion of each milestone, the Company is
required to complete the required reports as the project advances.
SDTC will retain a 10% holdback from each advance until the project
is completed. Titanium has received the first milestone advance
payment of $733,738 ($815,264 less 10% holdback).
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 $1.15 billion 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.
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, please 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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