Titanium (TSXV:TIC) has released its results for the second quarter ended February 28, 2017.
As quoted in the press release:
The Company continues to make progress and work closely with the industry and governments toward commercialization of its CVW™ technology.
“The outlook for the oil sands industry and commercialization of our technology has improved significantly with the recovery of oil prices, pipeline approvals, major project completions and a focus by the industry on value-add incremental projects and meeting new environmental and tailings regulations,” commented Scott Nelson, Titanium’s President and Chief Executive Officer. “Governments have been enacting new environmental regulations, carbon pricing, oil sands tailings regulations and moving forward with funding programs to assist innovation and the implementation of new sustainable technologies such as our CVW™ technology.”
The Company’s activity during the second quarter and the following months has included strengthening our balance sheet through a successful rights offering financing, repayment of loans, and commencing the qualification process for government funding from new programs for commercialization of our technology. Highlights for the quarter and subsequent months are summarized below:
- On December 19, 2016 the Company announced that it had successfully closed a fully subscribed $6.5 million rights offering. A portion of the proceeds ($1.0 million) was used to repay the Company’s outstanding loans and extinguish its debt obligations. The balance of proceeds is expected to fund the Company’s operations for more than 2 years, supporting activities to commercialize the Company’s CVW™ technology.