Titanium Corporation Announces Funding From Emissions Reduction Alberta for the CVW™ Horizon Project
CALGARY, Alberta, Sept. 28, 2020 (GLOBE NEWSWIRE) — Titanium Corporation Inc. (the “Company” or “Titanium”) (TSX-V: TIC) is pleased to announce Emissions Reduction Alberta (“ERA”) and the Company have signed a contribution agreement for the award of $5 million of grant funding by ERA for the CVW™ Horizon project (the “Project”), a joint project with Canadian Natural Resources Limited (“Canadian Natural”), which funding is subject to customary conditions. The Project is currently in the detailed engineering phase to implement Titanium’s CVW™ sustainable technology to recover valuable commodities and reduce emissions at Canadian Natural’s Horizon oil sands mining site.
“ERA continues to identify and invest in opportunities to accelerate the innovation required to improve Alberta’s environmental performance and to strengthen and diversify its economy. Titanium’s project is a great example of entrepreneurs, industry, and government coming together to develop technology solutions that deliver the right economic and environmental outcomes,” said Steve MacDonald, CEO, ERA.“ERA has been a valued supporter and we thank them for this current funding from their program directed at reducing methane emissions,” commented Scott Nelson, Titanium’s President and CEO. “In addition to important environmental benefits, our project is aimed at creating jobs, economic growth and diversification, all contributors to Alberta’s economic recovery.”About Titanium Corporation Inc.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 Emissions Reduction Alberta( 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 $607 million toward 183 projects worth $4.1 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 34.8 million tonnes of CO₂e by 2030.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 continued effective collaboration between the Company and Canadian Natural; the Company’s ongoing engagement with ERA; and the benefits, aims and advantages of the Company’s technology in assisting with the recovery of the economy in Alberta. 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. 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 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 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 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 Jennifer Kaufield
Vice President Finance & CFO