CALGARY, March 14, 2019 /CNW/ - Titanium Corporation Inc. (the "Company" or "Titanium") (TSX-V: TIC) is pleased to announce that the Company has been selected as a successful applicant under the Government of Canada's Low Carbon Economy Fund Challenge ("LCEF") and NRCan's Clean Growth Program ("CGP") and Emission Reduction Alberta's ("ERA's") Partnership Intake Program for a total of $50 million toward the next phase of the Company's Creating Value from Waste™ ("CVW™") Horizon project. LCEF, CGP and ERA's clean technology programs are aimed at improving environmental performance in Alberta's oil and gas sector.
"This significant funding commitment from the Governments of Canada and Alberta is a critical step in advancing the first implementation of our Creating Value from Waste™ clean technology" commented Scott Nelson, Titanium's President and Chief Executive Officer. "Government and industry support and collaboration has been invaluable in moving our project forward and developing this made-in-Canada solution for the benefit of all stakeholders."
Environment and Climate Change Canada, through its LCEF has committed to investing $40 million and NRCan's CGP has committed to investing $5 million in Titanium's first of a kind sustainable technology designed to remediate oil sands froth treatment tailings. ERA have also committed an additional $5 million through its Partnership Intake Program bringing its total investment to $10 million for the project. The proposed project would be jointly conducted with Canadian Natural Resources Limited at its Horizon oil sands site and has the potential to create a new high-value minerals industry for Canada through tailings recovery of up to 100,000 tonnes per year of valuable minerals.
"Canadians across the country are coming up with innovative and affordable solutions to increase energy efficiency and reduce emissions, saving people money and creating good jobs along the way. By investing in these projects, from coast to coast to coast, the Government of Canada is making sure we are positioned to succeed in the $26 trillion global market for clean solutions and to create good middle-class jobs today and for the future" commented The Honourable Catherine McKenna, Canada's Minister of Environment and Climate Change.
"These projects provide Alberta's oil and gas sector with solutions that will help reduce pollution, drive clean innovation, and create good jobs. Accelerating clean technology development is a key component of our government's approach to promoting sustainable economic growth and as Canada moves toward a low-carbon economy" commented The Honourable Amarjeet Sohi, Canada's Minister of Natural Resources.
Funding from the LCEF and CGP programs are subject to finalizing funding agreements which will outline the conditions under which federal funding would be provided, including securing the remaining funding necessary to complete the project and defining the scope of the project costs eligible for program funding. Funding from ERA is subject to the same conditions outlined above in addition to the successful close-out of the current $5 million program awarded under the Methane Challenge Program.
About Titanium Company Inc.
Titanium Company's CVW™ technology provides sustainable solutions to reduce the environmental footprint of the oil sands industry. Our technology reduces the environmental impact of oil sands froth treatment tailings while economically recovering valuable products that would otherwise be lost. CVW™ recovers bitumen, solvents, heavy minerals and water from tailings, preventing these commodities from entering tailings ponds and the atmosphere: volatile organic compound and greenhouse gas emissions are materially reduced; hot tailings water is improved in quality for recycling; and residual tailings can be thickened more readily. A new minerals industry will be created commencing with the production and export of zircon and titanium products, an essential ingredient in ceramics. The Company's shares trade on the TSX-V under the symbol "TIC". For more information please visit the Company's website at www.titaniumcorporation.com.
About Emissions Reduction Alberta (Era):
The Alberta government provides grants to ERA from the Climate Change and Emissions Management Fund. ERA takes action on reducing emissions and supporting economic growth and diversification by investing the carbon levy paid by large industrial emitters directly into later-stage clean technology solutions that reduce GHGs, attract investment, and create jobs in Alberta. To date, ERA has committed more than $572 million in funding to 164 projects with a total value of approximately $4.3 billion. These projects are estimated to deliver cumulative GHG reductions of 43 million tonnes by 2030.
Disclosure regarding forward-looking information
This news release contains forward-looking statements and information within the meaning of applicable Canadian securities laws (collectively, "forward-looking information") that reflect the current expectations of management about the future results, performance, achievements, prospects or opportunities for Titanium, including statements relating to the proposed project and the creation of a mineral sands industry.
Forward-looking information is presented in this news release for the purpose of assisting investors and others in understanding certain key elements of our commercialization progress and business plan, as well as our objectives, strategic priorities and business outlook, and in obtaining a better understanding of our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.
Forward-looking information, by its very nature, is subject to inherent risks and uncertainties and is based on many assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking information and that our business outlook, objectives, plans and strategic priorities may not be achieved. In addition to other factors and assumptions which may be identified in this news release, assumptions have been made regarding, among other things: the success of the current FEED study project activities and post-FEED study project activities; Canadian Natural's support for the Company's current optimization plans and potential refinements of the project scope; the economic viability of the Company's current optimization plans and potential refinements to the project scope; the ability of the Company to enter into commercial contracts with oil sands producers and funding arrangements with the Government of Canada funding agencies and other investors and to achieve financing for and commercialization of the CVW™ technology; the ability of the Company to retain qualified staff; the translation of the results from the Company's research, pilot programs, FEED project activities, post-FEED study project activities and studies into the results expected on a commercial scale; future oil and zircon prices and the impact of lower prices on activity levels and cost savings of oil sands producers; the impact of increasing competition; the general stability of the economic and political environment in which the Company operates; the ability to obtain and maintain the Company's intellectual property; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Company operates; and the ability of the Company to successfully market its CVW™ technology. The forward-looking information contained in this news release is based on the results of our research, pilot programs, FEED project activities, post-FEED project activities and related studies and commercialization efforts. The Company has not commercially demonstrated its technologies and there can be no assurance that such research, pilot programs, FEED project activities, post-FEED project activities and related studies will prove to be accurate nor that such commercialization efforts will be successful, as actual results and future events could differ materially from those expected or estimated in such forward-looking statements. As a result, we cannot guarantee that any forward-looking information will materialize and we caution you against relying on any of this forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information.
Additional information on these and other factors are disclosed in our reports filed with the securities regulatory authorities in Canada from time to time and available on SEDAR (sedar.com).
The forward-looking information contained in this news release describes our expectations as of March 14, 2019 and, accordingly, are subject to change after such date. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking information contained in this news release, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Titanium Corporation Inc.