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Titan takes 5.7% stake in Core Gold after closing US$3M placement

Titan Minerals Ltd. closed its US$3 million private placement with Core Gold Inc. as part of an amended agreement associated with their planned merger.

Titan said March 25 that together with its now 5.7% shareholding in Core Gold, shareholders representing a collective 29.4% interest in the company agreed to vote in favor of the merger.

Additionally, Titan entered into a secured debt facility of up to US$3 million, which it has fully drawn down to purchase 9,151,363 shares of Core Gold at 44 Canadian cents per share.

The company said it will have to repay the loan by the earlier of 21 days from completing the plan of arrangement or six months from the drawdown date, which is extendable to nine months upon Titan's election.