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Titan Mining Corp T.TI

Alternate Symbol(s):  TIMCF

Titan Mining Corporation is a Canada-based company. The Company produces zinc concentrate at its Empire State Mine (ESM) located in New York state, United States. It is engaged in the acquisition, exploration, development, and production of mineral properties. ESM is an underground zinc mine near the town of Gouverneur, New York State. ESM is comprised of a group of high-grade mines, including ESM #4 mine, which is in production, and six historic mines. The ESM #1, #2 and #3, Hyatt, Pierrepont and Edwards mines are all within approximately 30-mile radius of the 5,000 tons-per-day (tpd) mill. The ESM property controls more than 80,000 acres of mineral rights of which approximately 2,700 acres have both fee simple surface and mineral rights; approximately 1,754 acres near Gouverneur where the ESM #4 mine mill and tailings disposal facility are located; 703 acres in the town of Edwards, including the Edwards mine, and 242 acres covering the Pierrepont mine.


TSX:TI - Post by User

Post by petersburggrayon Sep 01, 2020 8:05pm
332 Views
Post# 31491578

$50mm secondary on deck?

$50mm secondary on deck?Over first 6 months of 2020 Titans financials continued to deteriorate...loss of $11.28mm for 1q2020 and 2q2020, total debt increased to $36.18mm with $33.85mm due in less than 1 year. Working capital deficit of $34 mm. Only $380k cash on hand...without PPP loan Titan would have already run out of cash. With only $380k cash clearly Titan need do do perhaps $50mm secondary stock offering so as to deal with debt maturities of less than one year as well as fund exploratory drilling required by deal on Mineral Ridge gold mine.
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