Titan Mining Corp. said Sept. 18 that it is raising C$6.3 million through a private placement of 18 million units at 35 Canadian cents apiece, for the ongoing development and exploration drilling at the Empire State zinc mine in New York and as general working capital.
Each unit is comprised of 1 common share and half of a warrant, with each full warrant exercisable into 1 common share at a price of 50 cents apiece for a period of five years from the closing date of the private placement.
The company said that its new management team at the site is working on a revised mine plan to be completed before the end of the year. Work on pit design and production plans is also underway, and the company intends to integrate them in late 2020 and beyond.
In May, the company withdrew layoff notices for 87 employees at the Empire State mine after restructuring improved output and operating costs.
