Titan Reschedules Release Of 2019 Financial Results Due To Delays Caused By Covid-19
HIGHLIGHTS- AS A RESULT OF THE COVID-19 PANDEMIC, THE ONTARIO SECURITIES COMMISSION HAS PROVIDED RELIEF IN RESPECT OF CERTAIN SECURITIES FILING REQUIREMENTS
- IN CONNECTION WITH THE RELIEF PROVIDED BY THE ONTARIO SECURITIES COMMISSION, TITAN WILL POSTPONE THE FILING OF ITS 2019 ANNUAL FINANCIAL STATEMENTS AND ASSOCIATED MD&A
TORONTO, March 30, 2020 - In response to logistical challenges posed by the COVID-19 pandemic, Titan Minerals Ltd. ("Titan") (ASX: TTM) has announced that it is postponing the filing of its audited annual financial statements for the year ended December 31, 2019 and associated management’s discussion and analysis (“MD&A”). Titan’s announcement comes in connection with an Ontario Securities Commission (the “OSC”) order under Ontario Instrument 51-502 (“OI 51-502”) dated March 23, 2020, pursuant to which all issuers required to make certain Ontario securities filings between March 23, 2020, and June 1, 2020, have an additional 45 days to make such filings from the deadline otherwise applicable to make such filings.
Titan will file its financial statements and MD&A as soon as possible, and in any event within the 45-day relief period provided by OI 51-502. Titan confirms that its management and insiders are subject to an insider trading black-out policy that reflects the principles set out in section 9 of National Policy 11-207.
Material Business Developments
On September 30, 2019, Titan commenced a take-over bid (the “Bid”) for all of the common shares of Core Gold Inc. (the “Core Shares”). On February 7, 2020, Titan announced that it had completed its Bid, and following the take-up of the tendered Core Shares, Titan now holds 91.32% of the issued and outstanding Core Shares. As disclosed in its Bid circular and subsequent press releases, Titan intends to pursue the delisting of Core Gold Inc., and to complete a second-step (going private) transaction by way of consolidation of the outstanding Core Shares.
There have been no other material developments in the business of Titan since December 18, 2019, being the date the interim financial statements of Titan for the three and nine months ended September 30, 2019 were filed as part of a notice of change and variation in connection with the Bid.
This announcement has been approved by Matthew Carr - Executive Director of Titan.
For further information please contact:
| Mr Laurence Marsland, Managing Director Titan Minerals E: info@titanminerals.com.au T: +61 8 6555 2950 |
About Titan Minerals Limited
Titan is the owner and operator of a copper and gold business in a well-established mining region of Southern Peru. Titan is currently commissioning the Vista gold plant in Southern Peru. A centralised processing facility produces loaded carbon from the Carbon-in-Pulp gold circuit, with feed sourced from third party operators previously averaging 17 to 24 g/t Au head grades.
Titan’s gold assets include the wholly-owned Torrecillas exploration project and an exclusive right to acquire an 85% interest in the Las Antas gold project (refer to Titan’s ASX release dated 14 January 2019). At Torrecillas, a number of high-grade narrow gold veins have been developed and mined by Titan, and Las Antas is a key prospect within a district of high-grade gold and silver veins located within trucking distance of Titan’s Vista gold plant.
Titan is continuously evaluating projects within Peru for acquisition or joint venture to both provide additional, low cost gold and silver mineralized material feed for existing processing facilities and opportunities for processing growth and expansion. In addition, Titan shall also continue to evaluate projects elsewhere in gold, copper and other commodities to grow shareholder value.
Website: www.titanminerals.com.au
Cautionary Note Regarding Forward-Looking Information
This press release contains certain statements regarding Titan Minerals Ltd. that constitute forward-looking information under applicable securities law. These statements reflect management’s current beliefs and are based on information currently available to management. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements as a result of risks and uncertainties that include, but are not limited to, risks inherent to the exploration and development of mineral deposits, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to the mining industry generally, risks related to current global financial conditions, the risks of COVID-19 causing a material adverse effect on global economic conditions, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interest, risks related to disputes with Indigenous governments and organizations, and environmental risks. Further information about these and other risks and uncertainties can be found in the disclosure documents filed by Titan on its website at www.titanminerals.com.au. Titan cautions that the foregoing list of factors that may affect future results is not exhaustive.