Titan Logix Corp. Announces Shareholder Approval of Private Placement, Election of Directors
By Marketwired News
By Marketwired News
EDMONTON, ALBERTA–(Marketwired – June 2, 2016) – Titan Logix Corp., (TSX VENTURE:TLA) (“Titan” or the “Company”), a technology company specializing in advanced technology fluid management, announces that, further to the Company’s news release dated April 7, 2016, shareholders approved at a special meeting (the “Special Meeting”) held on June 1, 2016 the issuance of 2,307,692 common shares (“Common Shares”) of the Company at a price (the “Issue Price”) of $0.65 per Common Share (the “Trust Investment”) to The Article 6 Marital Trust created under the First Amended and Restated Jerry Zucker Revocable Trust (the “Trust”), an affiliate of InterTech Group, Inc. Shareholders voted 87.66% in favour of the Trust Investment, excluding the Common Shares held by the Trust and its associates and affiliates.
In addition, shareholders approved an increase of the number of directors on Titan’s board of directors to seven and the election of two new directors, Helen Cornett and S. Grant Reeves, who are nominees of the Trust.
The detailed results of the voting for each nominee are as follows:
|Nominee||Votes For||% Votes For||Votes Withheld||% Votes Withheld|
|S. Grant Reeves||9,640,134||99.27%||71,100||0.73%|
A total of 9,711,234 Common Shares, representing 37.38% of the votes attached to all outstanding shares as at the record date for the meeting, were represented at the Special Meeting. All of the matters submitted to the shareholders for approval as set out in the Company’s Notice of Meeting and Information Circular, both dated May 3, 2016, were approved by the requisite majority of votes cast at the Special Meeting. As the closing of the Trust Investment will result in the creation of a new Control Person within the meaning of the policies of the TSXV, the Common Shares held by the Trust were excluded from voting on the resolution to approve the Trust Investment, pursuant to Policy 4.1 of the TSXV.
Titan expects the Trust Investment to close on or about June 3, 2016. Titan is offering up to an additional 1.5 million Common Shares at the Issue Price on a private placement basis to other accredited investors (the “Private Placement”). The TSXV has conditionally approved the listing of the Common Shares issued pursuant to the Trust Investment and the Private Placement (if any). The Private Placement will close on or before June 15, 2016. The proceeds from the Trust Investment and the Private Placement (if any) are intended to be used for general corporate purposes and to fund the Company’s strategic plan and business development strategy.
About Titan Logix Corp.:
Founded in 1979, Titan Logix Corp. is a technology company specializing in Research and Development (R&D), manufacturing and marketing of advanced technology fluid management solutions. The Company’s products include Guided Wave Radar (GWR) gauges for level measurement and overfill prevention (particularly for use in mobile tanker applications), level gauges for storage tanks, and communication systems for remote alarming and control. Our products are currently used in the oil and gas, waste fluid collection, chemical and aviation industries.
Titan’s products are part of a complete asset management solution. The full solution consists of Titan’s products integrated with best-in-class third party solutions to enable our complete fluid management throughout each stage of their fluid handling processes. This is captured by our slogan “Advanced Technology Fluid Management Solutions, In the Field, On the Road, In the Office”™.
- In the Field: “In the Field” refers to Titan’s solution offerings for storage tanks and process vessels.
- On the Road: “On the Road” refers to Titan’s solution offerings for mobile tanker trucks and trailers.
- In the Office: “In the Office” refers to Titan’s solution offerings that enable customers to monitor their fluid assets from the convenience of their dispatch center or other back office environment through a wired or wireless connection.
Titan Logix Corp. is a public company listed on the TSX Venture Exchange and its shares trade under the symbol TLA.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information in this press release that is not current or historical factual information may constitute forward looking information within the meaning of securities laws. Implicit in this information are assumptions regarding our future operational results. These assumptions, although considered reasonable by the company at the time of preparation, may prove to be incorrect. Readers are cautioned that actual performance of the company is subject to a number of risks and uncertainties and could differ materially from what is currently expected as set out above. For more exhaustive information on these risks and uncertainties you should refer to our Management Discussion and Analysis in respect of the year ended August 31, 2015 which is available at www.sedar.com. Forward-looking information contained in this press release is based on our current estimates, expectations and projections, which we believe are reasonable as of the current date. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time, whether as a result of new information, future events or otherwise, except as required by applicable securities law.
Titan Logix Corp.
Chief Executive Officer