Saskatchewan, SK, July 12, 2006 - Titan Uranium Inc. (TSX Venture: TUE; TUE.WT; TUE.A.WT) is pleased to announce it has entered into an agreement with a syndicate of Agents led by Canaccord Adams and including PowerOne Capital Markets Limited to conduct a brokered private placement of up to 1,315,789 flow through units ("FT Units") at a price of C$1.90 per FT Unit to raise gross proceeds of up to C$2,500,100. Each FT Unit will consist of one flow-through common share (a "FT Share") and one-half of one non-flow through common share purchase warrant (a "Warrant") with each whole Warrant entitling the holder to purchase one additional common share in the capital of Titan for a period of up to 24 months at a price of C$2.50 per common share.
The Agents will receive a cash commission of 8% of the gross proceeds raised under the brokered private placement and broker warrants entitling the holder to purchase up to 10% of the number of common shares sold under the brokered private placement at a price of C$2.00 per common share for a period of 24 months.
In accordance with securities legislation and TSX Venture Exchange policies, all securities issued under the private placements will be subject to a "hold period" of four months and one day from the date of issuance of such securities.
The completion of the private placement is subject to the approval of the TSX Venture Exchange.
The net proceeds of this private placement will be used for working capital purposes and to fund Titan's exploration programs on its Athabasca and Nunavut properties.
ON BEHALF OF TITAN URANIUM INC.
"Philip E. Olson", President and Chief Executive Officer
For further information contact: Chris Holland
Suite 202, 311 4th Ave. North
Saskatoon SK S7K 2L8
Canada
Telephone: 1-888-820-3888
Email: info@titanuranium.com
www.titanuranium.com
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-Looking Statements:
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in Titan's periodic filings with Canadian Securities Regulators. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Titan does not assume the obligation to update any forward-looking statement. |
