CALGARY, Alberta, March 11, 2021 (GLOBE NEWSWIRE) -- Titanium Corporation Inc. ("Titanium" or the "Company") (TSXV: TIC) today announced the completion and payment of the first milestone of $800,000 less a 20% holdback, from Emissions Reduction Alberta (“ERA”) for the engineering phase of the CVW™ Horizon Project. The ERA payment is the first under the $5 million ERA Contribution Agreement previously announced on September 28, 2020.
The payment is with respect to 2020 joint project costs totaling $5.4 million incurred by Titanium and Canadian Natural Resources Limited (“Canadian Natural”) and shared $1.6 million and $3.8 million, respectively. The net payment of $640,000 is allocated on a 30% (Titanium - $192,000) and 70% (Canadian Natural - $448,000) basis under the 2020 Project Coordination Agreement, previously announced on December 22, 2020.
About Titanium Corporation Inc.
Titanium's CVW™ technology provides sustainable solutions to reduce the environmental footprint of the oil sands industry. The Company is working with Canadian Natural on engineering validation of its CVW™ technology. 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 remediated 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.
About Emissions Reduction Alberta (“ ERA” https://www.eralberta.ca)
For more than 10 years, ERA has been investing the revenues from the carbon price paid by large final emitters to accelerate the development and adoption of innovative clean technology solutions. Since ERA was established in 2009, they have committed $616 million toward 186 projects worth $4.5 billion that are helping to reduce GHGs, create competitive industries and are leading to new business opportunities in Alberta. These projects are estimated to deliver cumulative reductions of 35 million tonnes of CO₂e by 2030.
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