Edmonton, Alberta--(Newsfile Corp. - August 26, 2022) - Titan Logix Corp., (TSXV: TLA) ("Titan" or the "Company"), a technology company specializing in mobile liquid measurement solutions, announces the exercise of common share purchase warrants ("Warrants") in Bri-Chem Corp. ("Bri-Chem" TSX: BRY), a leading North American oilfield chemical distribution and blending company.
Each Warrant entitled the Company to acquire one common share of Bri-Chem at a price of $0.10 per share. The Company initially acquired 1,250,000 Warrants through a secured loan participation agreement with Greypoint Capital Inc. that provided financing to Bri-Chem. Repayment of the secured loan was announced May 10, 2022. The Company then purchased an additional 1,175,000 Warrants from other participants in the secured loan for a purchase price of $0.45 per Warrant and immediately exercised all 2,425,000 Warrants then held by the Company. Following issuance of the common shares issuable on exercise of the Warrants, the Company will hold approximately 9.2% of the outstanding common shares of Bri-Chem.
The Company considers the share purchase to be a good investment in a mutually aligned business to be held for investment purposes. With approximately $12 million of cash on hand and its marketable securities and no debt the Company is in a strong financial position to execute its investment strategy. This includes potential strategic acquisitions and investments in marketable securities and short to medium term GIC's that provide additional income.
About Titan Logix Corp.:
For over 25 years, Titan Logix Corp. has designed and manufactured advanced measurement solutions to help businesses reduce risk and maximize efficiencies in bulk liquids transportation. Titan's TD Series of tank level monitors are a market leader in mobile fluid measurement, and are known for their high level of accuracy, rugged design, and solid-state reliability. Our solutions are designed for hazardous and non-hazardous applications, and we serve customers in a wide range of applications including petroleum, environmental solutions, chemical, and agriculture.
Founded in 1979, 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, 2021 which is available at www.sedar.com. In addition, the occurrence of pandemics, such as the recent outbreak of the novel coronavirus COVID-19 in any of the areas in which the Company, its customers or its suppliers operate could cause interruptions in the Company's operations. In addition, pandemics, natural disasters or other unanticipated events could negatively impact the demand for, and price of, oil and natural gas which in turn could have a material adverse effect on the Company's business, financial condition, results of operations and cash flows. 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.
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