Titan Mining Corporation Announces That Exploration Drilling Continues to Expand the #2D Mineralized Zone Down-Plunge to the Northeast and Laterally; the Company and A Company Controlled by Titan's Executive Chairman (The Lender) Enters into A Second Ranking Secured Credit Facility of Up to USD 18.7 Million
The Company and a company controlled by Titan's Executive Chairman (the Lender) entered into a second ranking secured credit facility of up to US$18.7 million, maturing in December 2020. US$3.7 million of such facility bears interest at 8% per annum with the remaining US$15.0 million accruing interest at a floating rate equal to 7% plus LIBOR per annum. The Bank of Nova Scotia has consented to this facility provided it is subordinate to its existing first-ranking credit facility provided to the Company in the first half of 2018.