October 2017
Titan Mining Corporation
Canaccord Genuity acts as co-lead underwriter for Titan Mining Corporation to raise gross proceeds of C$50 million in its Initial Public Offering
Canaccord Genuity is pleased to announce that on October 19, 2017, Titan Mining Corporation (TSX: TI) (“Titan” or the “Company”) successfully completed its initial public offering of 35,750,000 common shares at a price of C$1.40 per share for total gross proceeds of C$50,050,000. The offering was managed by a syndicate of underwriters led by Scotia Capital Inc., Canaccord Genuity Corp, and National Bank Financial Inc.
The Company has granted the underwriters an over-allotment option, exercisable in whole or in part at any time until 15 days following the closing of the offering, to purchase up to an additional 5,362,500 common shares at C$1.40 per share for additional gross proceeds of C$7,507,500.
The net proceeds realized from the offering are expected to be used: (i) to satisfy outstanding payment obligations in respect of Titan’s acquisition of all of the issued and outstanding shares of Balmat Holding Corp., (ii) to refurbish equipment and recommence operations at the Empire State Mine, (iii) for exploration and evaluation, and (iv) for general corporate purposes.
Titan is a Canadian-based zinc exploration and development company with its principal asset being the Empire State Mine in the State of New York.
