CALGARY, ALBERTA--(Marketwired - Oct. 22, 2015) - Titanium Corporation Inc. (TSX VENTURE:TIC) ("Titanium" or the "Company") announced that it has issued restricted share units of the Company ("RSUs") and deferred share units of the Company ("DSUs") under each of the Company's shareholder approved restricted share unit plan (the "RSU Plan") and deferred share unit plan (the "DSU Plan"), respectively.
"Our management and Board of Directors are accepting these share units in place of significant portions of their cash compensation earned in past periods," commented Scott Nelson, Titanium's President and Chief Executive Officer. "This investment in our Company provides ongoing support for the commercialization of our technology and strengthens our cash position."
The Company issued an aggregate of 380,616 RSUs to the executive officers of the Company under the RSU Plan in settlement of $422,484 of deferred compensation. The RSUs vest immediately and entitle the holder to acquire common shares (the "Common Share") of the Company by delivering a notice of acquisition to the Company and paying the required award price and withholding taxes, all in accordance with the RSU Plan.
Additionally, the Company issued an aggregate of 116,217 DSUs to non-executive directors under the DSU Plan in settlement of $129,000 of deferred directors' compensation. The DSUs are to be settled in Common Shares when the director retires from all positions with the Company.
Under of each of the RSU Plan and the DSU Plan, the RSUs and DSUs were priced based on the weighted average price per Common Share at which the Common Shares have traded on the TSX Venture Exchange during the last five trading days preceding the issuance.
About Titanium Corporation Inc.
Titanium Corporation's CVW™ technology provides sustainable solutions to reduce the environmental footprint of the oil sands industry. The Company's technology reduces the environmental impact of oil sands tailings while economically recovering valuable products that would otherwise be lost. CVW™ recovers bitumen, solvents and minerals 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, an essential ingredient in ceramics. The Company's shares trade on the TSX Venture Exchange under the symbol "TIC". For more information, please visit the Company's website at www.titaniumcorporation.com.
Disclosure regarding forward-looking statements
This press release contains forward-looking statements. More particularly, this press release contains statements concerning the anticipated form of settlement of the DSUs and the RSUs. Although the Company believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.
The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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: Marketwired (Canada)
(October 22, 2015 - 8:01 AM EDT)
News by QuoteMedia