Titanium Corporation Announces Funding From Emissions Reduction Alberta for the CVW™ Horizon Project
September 28 2020 - 8:30AM
Titanium Corporation Inc. (the "Company" or "Titanium")
(TSX-V: TIC) is pleased to announce Emissions Reduction
Alberta (“ERA”) and the Company have signed a contribution
agreement for the award of $5 million of grant funding by ERA for
the CVW™ Horizon project (the “Project”), a joint project with
Canadian Natural Resources Limited (“Canadian Natural”), which
funding is subject to customary conditions. The Project is
currently in the detailed engineering phase to implement Titanium’s
CVW™ sustainable technology to recover valuable commodities and
reduce emissions at Canadian Natural’s Horizon oil sands mining
site.
“ERA continues to identify and invest in
opportunities to accelerate the innovation required to improve
Alberta’s environmental performance and to strengthen and diversify
its economy. Titanium’s project is a great example of
entrepreneurs, industry, and government coming together to develop
technology solutions that deliver the right economic and
environmental outcomes,” said Steve MacDonald, CEO, ERA.
“ERA has been a valued supporter and we thank
them for this current funding from their program directed at
reducing methane emissions,” commented Scott Nelson, Titanium’s
President and CEO. “In addition to important environmental
benefits, our project is aimed at creating jobs, economic growth
and diversification, all contributors to Alberta’s economic
recovery.”
About Titanium Corporation
Inc.
Titanium's CVW™ technology provides sustainable
solutions to reduce the environmental footprint of the oil sands
industry. Our technology reduces the environmental impact of oil
sands froth treatment tailings while economically recovering
valuable products that would otherwise be lost. CVW™ recovers
bitumen, solvents, heavy minerals and water 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 and other titanium-based minerals.
The Company's shares trade on the TSX-V under the symbol "TIC". For
more information please visit the Company's website at
www.titaniumcorporation.com.
About
Emissions Reduction Alberta(
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 $607 million toward 183 projects worth $4.1 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 34.8
million tonnes of CO₂e by 2030.
Disclosure regarding forward-looking
information
This news release contains forward-looking
statements and information within the meaning of applicable
Canadian securities laws (collectively, "forward-looking
information") that reflect the current expectations of
management about the future results, performance, achievements,
prospects or opportunities for Titanium, including statements
relating to the continued effective collaboration between the
Company and Canadian Natural; the Company's ongoing engagement with
ERA; and the benefits, aims and advantages of the Company's
technology in assisting with the recovery of the economy in
Alberta. These statements generally can be identified by use of
forward-looking words such as "may", "will", "expect", "estimate",
"anticipate", "believe", "project", "should" or "continue" or the
negative thereof or similar variations.
Forward-looking information, by its very nature,
is subject to inherent risks and uncertainties and is based on many
assumptions, both general and specific, which give rise to the
possibility that actual results or events could differ materially
from our expectations expressed in or implied by such
forward-looking information and that our business outlook,
objectives, plans and strategic priorities may not be achieved.
Macro-economic conditions, including public health concerns
(including the impact of the COVID-19 pandemic) and other
geopolitical risks, the condition of the global economy and,
specifically, the condition of the oil and natural gas industry
including the collapse of global crude oil prices, other commodity
prices and the decrease in global demand for crude oil in March
2020, as well as the significant volatility in world markets may
adversely impact oil sands producers' program plans, including
proceeding with an investment decision in further Project
activities, which could materially adversely impact the Company. In
addition to other factors and assumptions which may be identified
in this news release, assumptions have been made regarding, among
other things: the condition of the global economy, including trade,
public health (including the impact of the COVID-19 pandemic) and
other geopolitical risks; the stability of the economic and
political environment in which the Company operates; the success of
the detailed engineering phase of the Project; the ability of the
Company to enter into commercial contracts with oil sands producers
and to achieve commercialization of the CVW™ technology; the
ability of the Company to enter into commercial contracts with
other strategic partners in relation to building and operating
facilities, as required; the ability of the Company to retain
qualified staff; the ability of the Company to obtain financing on
acceptable terms, including available grant and financing
opportunities from government programs and finalizing funding
agreements for such government programs; the translation of the
results from the Company's research, pilot programs, Project
activities and studies into the results expected on a commercial
scale; future oil and zircon prices and the impact of lower prices
on activity levels and cost savings of oil sands producers; the
impact of increasing competition; the ability to protect and
maintain the Company's intellectual property; currency, exchange
and interest rates; the regulatory framework regarding royalties,
taxes and environmental matters in the jurisdictions in which the
Company operates; and the ability of the Company to successfully
market its CVW™ technology. As a result, we cannot guarantee that
any forward-looking information will materialize and we caution you
against relying on any of this forward-looking information.
Accordingly, readers should not place undue reliance on
forward-looking information.
Additional information on these and other
factors are disclosed in our most recently filed management's
discussion and analysis, including under the heading “Discussion of
Risks”, and in other reports filed with the securities regulatory
authorities in Canada from time to time and available on SEDAR
(sedar.com).
The forward-looking information contained in
this news release describes our expectations as of the date of this
news release and, accordingly, are subject to change after such
date. Except as may be required by Canadian securities laws, we do
not undertake any obligation to update or revise any
forward-looking information contained in this news release, whether
as a result of new information, future events or otherwise.
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.
For further information, contact:
Scott Nelson
President & CEO
(403) 561-0439
snelson@titaniumcorporation.com
Jennifer Kaufield
Vice President Finance & CFO
(403) 874-9498
jkaufield@titaniumcorporation.com
Titanium (TSXV:TIC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Titanium (TSXV:TIC)
Historical Stock Chart
From Sep 2023 to Sep 2024