CALGARY, Alberta, Jan. 02, 2018 (GLOBE NEWSWIRE) -- Titanium Corporation Inc. ("Titanium" or the "Company") (TSXV:TIC) announces that it has issued restricted share units of the Company ("RSUs") under the Company's shareholder approved restricted share unit plan (the "RSU Plan").
The Company issued an aggregate of 270,042 RSUs to certain officers of the Company under the RSU Plan in settlement of $324,050 of compensation owing to such officers as at December 31, 2017. Of the total, 249,208 RSUs vest immediately and 20,834 vest on December 31, 2018 and entitle the holder to acquire one common share (a "Common Share") of the Company underlying each such RSU 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.
In accordance with the RSU Plan, the RSUs were priced based on the closing price of the Common Shares on the TSX Venture Exchange on December 29, 2017.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities in any jurisdiction. The Common Shares will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, or to a U.S. person, absent registration or an applicable exemption therefrom.
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 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.