Titan Mining Corporation (TSX: TI) has completed announced initial public offering of 35,750,000 common shares at $1.40 per share for gross proceeds of $50,050,000.
Titan share has commenced trading on the Toronto Stock Exchange (TSX) under the symbol “TI”. The stock opened at $1.30 and last trade at $1.29 Oct 19, 2017, 2:25 PM EDT.
The offering was managed by a syndicate of underwriters led by Scotia Capital Inc., Canaccord Genuity Corp., and National Bank Financial Inc. and included PI Financial Corp. Davies Ward Phillips & Vineberg LLP and Cassels Brock & Blackwell LLP acted as legal counsels to Titan Mining and the underwriters respectively.
Net proceeds 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. Titan Mining’s predecessor company acquired the Empire State Mine Project indirectly from Hudbay Minerals Inc. (TSX: HBM) in November 2015.
Richard W. Warke, President and CEO of the company, is the largest shareholder, directly and indirectly control 40,701,000 common shares, or 41% of outstanding shares.
phto credit: Titan Mining