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Titan to raise A$11M to fund Mirador copper-gold plant buy, Peru exploration

Titan Minerals Ltd. said May 22 that it intends to raise approximately A$11 million through an oversubscribed placement of 366,666,666 shares at 3 cents each, after receiving firm commitments from institutional and sophisticated investors.

The proceeds of the placement will be used to finalize the acquisition of the Mirador copper-gold plant, in which it completed satisfactory due diligence proceedings, as well as exploration work over its Torrecillas and San Santiago projects in Peru.

The placement will be undertaken in two tranches, where the first tranche will comprise of an initial 233,333,333 shares to raise A$7 million and the second tranche will comprise of approximately 133,333,333 shares, subject to shareholder approval at a general meeting to be held on or about July 2.

Settlement of the first tranche is expected to occur May 25.

Meanwhile, the Peru-focused copper-gold miner said it will open the previously announced offer to acquire all of shares of Andina Resources Ltd. that it does not own via an off-market takeover on May 23. Titan previously entered into pre-bid acceptance agreements with shareholders holding an aggregate 19.8% of Andina's issued share capital.