Titan Mining Extends Credit Facility Maturity Dates
Titan Mining Extends Credit Facility Maturity Dates
Vancouver, B.C., January 10, 2022 – Titan Mining Corporation (TSX:TI) (“Titan” or the “Company”)
announces that it has extended the maturity dates of its credit facilities with each of the Bank of Nova
Scotia (“BNS”) and a company controlled by Titan’s Executive Chairman (the “Lender”). Additionally,
the Company made an initial repayment against the BNS facility of US$2,000,000 in the fourth quarter
of 2021.
The maturity date of the BNS senior secured revolving credit facility with a limit of US$10,000,000 has
been extended from April 3, 2022 to April 3, 2023 and the maturity date of the Company’s second
ranking secured credit facility of US$20,710,000 with the Lender has been extended from April 5, 2022
to April 5, 2023. In consideration of the extension of the Company’s credit facility with the Lender, the
Company paid an extension fee to the Lender in the amount of US$75,000.
Don Taylor, CEO commented, “I am pleased that we were able to extend the maturity dates of these
credit facilities and improve our balance sheet by repaying a meaningful amount of our debts in the
fourth quarter of 2021. With continuously improving operational performance and profitability at Empire
State Mine, we are poised to further reduce our debts in 2022.”
About Titan Mining Corporation
Titan is an Augusta Group company which produces zinc concentrate at its 100%-owned Empire
State Mine located in New York state. Titan is built for growth, focused on value and committed
to excellence. For more information on the Company, please visit our website at
www.titanminingcorp.com.
Contact
For further information, please contact:
Investor Relations:
Email: [email protected]
Cautionary Note Regarding Forward-Looking Information
Certain statements and information contained in this new release constitute "forward-looking
statements", and "forward-looking information" within the meaning of applicable securities laws
(collectively, "forward-looking statements"). These statements appear in a number of places in
this new release and include statements regarding our intent, or the beliefs or current expectations
of our officers and directors, including that with continuously improving operational performance
and profitability at Empire State Mine, we are poised to further reduce our debts in 2022. When
used in this news release words such as “are poised” and similar expressions are intended to
identify these forward-looking statements. Although the Company believes that the expectations
reflected in such forward-looking statements and/or information are reasonable, undue reliance
should not be placed on forward-looking statements since the Company can give no assurance
that such expectations will prove to be correct. These statements involve known and unknown
risks, uncertainties and other factors that may cause actual results or events to vary materially
from those anticipated in such forward-looking statements, including the risks, uncertainties and
other factors identified in the Company's periodic filings with Canadian securities regulators. Such
forward-looking statements are based on various assumptions, including assumptions made with
regard to the ability to advance exploration efforts at ESM; the results of such exploration efforts;
the ability to secure adequate financing (as needed); the Company maintaining its current strategy
and objectives; and the Company’s ability to achieve its growth objectives. While the Company
considers these assumptions to be reasonable, based on information currently available, they
may prove to be incorrect. Except as required by applicable law, we assume no obligation to
update or to publicly announce the results of any change to any forward-looking statement
contained herein to reflect actual results, future events or developments, changes in assumptions
or changes in other factors affecting the forward-looking statements. If we update any one or more
forward-looking statements, no inference should be drawn that we will make additional updates
with respect to those or other forward-looking statements. You should not place undue importance
on forward-looking statements and should not rely upon these statements as of any other date.
All forward-looking statements contained in this news release are expressly qualified in their
entirety by this cautionary statement.