Titanium Corporation Awarded $50 Million in Federal and Alberta Government Grant Funding
Titanium Corporation Awarded $50 Million in
Federal and Alberta Government Grant
Funding
CALGARY
,
March 14, 2019
/CNW/ -
Titanium Corporation Inc. (the "Company" or "Titanium")
(TSX-V: TIC)
is pleased to announce that the Company has been selected as a successful applicant
under the Government of
Canada's
Low Carbon Economy Fund Challenge ("LCEF") and NRCan's
Clean Growth Program ("CGP") and Emission Reduction Alberta's ("ERA's") Partnership Intake
Program for a total of
$50 million
toward the next phase of the Company's Creating Value from
Waste™ ("CVW™") Horizon project. LCEF, CGP and ERA's clean technology programs are aimed
at improving environmental performance in
Alberta's
oil and gas sector.
"This significant funding commitment from the Governments of
Canada
and
Alberta
is a critical step
in advancing the first implementation of our Creating Value from Waste™ clean technology"
commented
Scott Nelson
, Titanium's President and Chief Executive Officer. "Government and
industry support and collaboration has been invaluable in moving our project forward and developing
this made-in-
Canada
solution for the benefit of all stakeholders."
Environment and Climate Change Canada, through its LCEF has committed to investing
$40 million
and NRCan's CGP has committed to investing
$5 million
in Titanium's first of a kind sustainable
technology designed to remediate oil sands froth treatment tailings. ERA have also committed an
additional
$5 million
through its Partnership Intake Program bringing its total investment to
$10 million
for the project. The proposed project would be jointly conducted with Canadian Natural Resources
Limited at its Horizon oil sands site and has the potential to create a new high-value minerals
industry for
Canada
through tailings recovery of up to 100,000 tonnes per year of valuable minerals.
"Canadians across the country are coming up with innovative and affordable solutions to increase
energy efficiency and reduce emissions, saving people money and creating good jobs along the way.
By investing in these projects, from coast to coast to coast, the Government of
Canada
is making
sure we are positioned to succeed in the
$26 trillion
global market for clean solutions and to create
good middle-class jobs today and for the future" commented The Honourable Catherine McKenna,
Canada's
Minister of Environment and Climate Change.
"These projects provide
Alberta's
oil and gas sector with solutions that will help reduce pollution,
drive clean innovation, and create good jobs. Accelerating clean technology development is a key
component of our government's approach to promoting sustainable economic growth and as
Canada
moves toward a low-carbon economy" commented The Honourable Amarjeet Sohi,
Canada's
Minister of Natural Resources.
Funding from the LCEF and CGP programs are subject to finalizing funding agreements which will
outline the conditions under which federal funding would be provided, including securing the
remaining funding necessary to complete the project and defining the scope of the project costs
eligible for program funding. Funding from ERA is subject to the same conditions outlined above in
addition to the successful close-out of the current
$5 million
program awarded under the Methane
Challenge Program.
About Titanium Company Inc.
Titanium Company'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 titanium products, an
essential ingredient in ceramics. 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 (Era):
The
Alberta
government provides grants to ERA from the Climate Change and Emissions
Management Fund. ERA takes action on reducing emissions and supporting economic growth and
diversification by investing the carbon levy paid by large industrial emitters directly into later-stage
clean technology solutions that reduce GHGs, attract investment, and create jobs in
Alberta
. To
date, ERA has committed more than
$572 million
in funding to 164 projects with a total value of
approximately
$4.3 billion
. These projects are estimated to deliver cumulative GHG reductions of
43 million tonnes by 2030.
Disclosure regarding forward-looking information
This
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 proposed project and
the creation of a mineral sands industry.
Forward-looking information is presented in this news release for the purpose of assisting
investors and others in understanding certain key elements of our commercialization progress and
business plan, as well as our objectives, strategic priorities and business outlook, and in obtaining
a better understanding of our anticipated operating environment. Readers are cautioned that such
information may not be appropriate for other purposes.
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. In addition to other factors and assumptions which may be
identified in this news release, assumptions have been made regarding, among other things: the
success of the current FEED study project activities and post-FEED study project activities;
Canadian Natural's support for the Company's current optimization plans and potential refinements
of the project scope; the economic viability of the Company's current optimization plans and
potential refinements to the project scope; the ability of the Company to enter into commercial
contracts with oil sands producers and funding arrangements with the Government of
Canada
funding agencies and other investors and to achieve financing for and commercialization of the
CVW™ technology; the ability of the Company to retain qualified staff; the translation of the results
from the Company's research, pilot programs, FEED project activities, post-FEED study 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 general stability of the economic and political environment in
which the Company operates; the ability to obtain 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. The forward-looking information
contained in this news release is based on the results of our research, pilot programs, FEED
project activities, post-FEED project activities and related studies and commercialization efforts.
The Company has not commercially demonstrated its technologies and there can be no assurance
that such research, pilot programs, FEED project activities, post-FEED project activities and related
studies will prove to be accurate nor that such commercialization efforts will be successful, as
actual results and future events could differ materially from those expected or estimated in such
forward-looking statements. 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 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
March 14, 2019
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
.
SOURCE
Titanium Corporation Inc.
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%SEDAR: 00003982E
For further information:
Scott Nelson, President & CEO, Tel: (403) 561-0439, Email:
[email protected]; Jennifer Kaufield, Vice President Finance & CFO, Tel: (403) 874-
9498, [email protected]
CO: Titanium Corporation Inc.
CNW 13:48e 14-MAR-19