Titanium Corporation Announces Signing of $10 Million Project Funding Agreement With Sustainable Development Technology Canada for Engineering of the CVW™ Horizon Project and Receipt of $733,738 Advance Payment
CALGARY, Alberta, April 08, 2021 (GLOBE NEWSWIRE) — 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.
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.