VANCOUVER, British Columbia, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX: TI) (“Titan” or the “Company”) announces that its Board of Directors has declared a special cash dividend of C$0.01 per common share (the “Dividend”) for an aggregate distribution of approximately C$1.4 million based on the current number of shares outstanding. Titan also announces that it has entered into a fixed zinc pricing arrangement pursuant to its existing offtake agreement with an affiliate of Glencore plc for 60% of the Company’s budgeted zinc production for the first quarter of 2022 at a price of US$1.4954 per pound of zinc.
Don Taylor, President and CEO, commented, “This second consecutive special dividend meets the Company’s intention to pay regular quarterly dividends with the gradual increase in production at its Empire State Mine. In addition, the certainty of US$1.50 per pound zinc from the fixed pricing arrangement protects the Company from downside risk in the zinc price for Q1 2022 and is very beneficial in delivering on the Company’s 2022 financial goals.”
The Dividend is payable on January 18, 2022 to shareholders of record at the close of business on December 30, 2021.
The Dividend will be designated an “eligible dividend” for Canadian tax purposes. The declaration, timing, amount and payment of future dividends remains at the discretion of the Board of Directors.
About Titan Mining Corporation
Titan is an Augusta Group company which produces zinc concentrate at its 100%-owned Empire State Mine located in New York state. Titan is built for growth, focused on value and committed to excellence. For more information on the Company, please visit our website at www.titanminingcorp.com.
https://www.globenewswire.com/news-release/2021/12/02/2344881/0/en/Titan-Declares-2nd-Cash-Dividend-of-Approximately-C-1-4-million-Fixes-US-1-50-lb-Zinc-Price-for-60-of-Q1-2022-Budgeted-Production.html