Core Gold DMMIF

Titan MInerals Completes A$3.5 Millioin Financing

[Tad]

ASX ANNOUNCEMENT

Suite 1, 295 Rokeby Rd,
Subiaco WA 6008
ACN: 117 790 897
Ph: [phone]
Fax: [phone]
www.titanminerals.com.au

16 December 2019

FULLY UNDERWRITTEN A$3.5 MILLION PLACEMENT

Titan Minerals Limited (ASX: TTM) (“Titan”) is pleased to announce it has received firm commitments to raise gross proceeds of A$3.5 million via the issue of 21,875,000 new fully paid ordinary shares ("Shares") at an issue price of A$0.16 per Share ("Placement"). The Placement was strongly supported by domestic and offshore sophisticated and institutional investors. Canaccord Genuity (Australia) Limited acted as underwriter and lead manager to the Placement.

Placement Details

Completion of the Placement is expected to occur on or about 16 January 2020 and is subject to (amongst other matters):

(a) all conditions to completion in respect to Titan’s public offer to the shareholders of Core Gold Inc. (TSX-V: CLD, OTCQX:CGLDF) ("Core ") to acquire all of the outstanding shares in Core (“Public Offer”) having been satisfied (or waived) (refer to the ASX announcements dated 1 October 2019 and 9 December 2019 for further details); and

(b) Titan shareholders, at a general meeting to be held on 13 January 2020, approving the issue of the Shares under the Placement together with other resolutions (including the resolution in respect to the Public Offer).

Titan intends to make a proportion of the funds raised under the Placement available to Core by way of loan or other arrangements to be utilised towards the exploration and development of the Dynasty Goldfield Project, the Southern Ecuador exploration programs, the Southern Peru regional exploration and development activities, the Zaruma mine study, maintenance and development activities and the Portovelo plant maintenance and the remaining funds raised under the Placement will be utilised for ongoing general working capital requirements.


Titan's Managing Director, Mr Laurence Marsland said: "We are pleased with the strong support for this capital raising, the Company has had a great response to the public offer in respect to Core with a large range of sophisticated and generalist funds participating in the placement, with continued support from our existing shareholders as well.”

Core Shareholder Support and Lock Up Arrangements

Titan is pleased to advise that certain Core shareholders have entered into lock-up agreements, pursuant to which they have committed to deposit all of the Core shares owned or controlled by them under the Public Offer and, in their capacity as Core shareholders, to otherwise support the Public Offer. Such shareholders own or control, directly or indirectly, approximately 51.7% of the outstanding Core shares excluding any Core shares beneficially owned, or over which control or direction is exercised, by Titan (or any person acting jointly or in concert with Titan), and approximately 48.9% of the total outstanding Core shares. The number of Core shares currently subject to the lock-up agreements would be sufficient to allow Titan to meet the 50.1% minimum tender condition upon the expiry time of the Public Offer.

ENDS


For additional information, please contact:

Investors

Laurence Marsland,
Managing Director Titan Minerals
E: [e-mail]
T: [phone]


Financial Advisers

Peter Bacchus
Bacchus Capital Advisers
E: [e-mail]
T: [phone]


Chris Johannsen
Bacchus Capital Advisers
E: [e-mail]
T: [phone]


Media

David Tasker
Chapter One Advisors
E: [e-mail]
T: [phone]


Source: https://www.investi.com.au/api/announcements/ttm/0d845f9c-e3b.pdf