Titan Exploration Ltd.
TSX : TTN.A
TSX : TTN.B

Titan Exploration Ltd.

May 24, 2006 08:36 ET

Titan Exploration Ltd. Announces $8 MM Bought Deal Flow-Through Financing

CALGARY, ALBERTA--(CCNMatthews - May 24, 2006) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Titan Exploration Ltd., (TSX:TTN.A)(TSX:TTN.B) ("Titan" or the "Corporation"), announced today that it has entered into a bought deal financing agreement with a syndicate of underwriters co-led by FirstEnergy Capital Corp. and Clarus Securities Inc. and including GMP Securities Ltd., MGI Securities Inc. and Wellington West Capital Markets Inc. (collectively, the "Underwriters"). Pursuant to the terms of the agreement, 1.25 million Class A flow-through common shares will be issued on a private placement basis at a price of $6.40 per flow-through Class A Share for gross proceeds of $8.0 million. Completion of this transaction is subject to receipt of all necessary regulatory approvals. This transaction is expected to close June 8, 2006.

Titan will apply the proceeds of the issue for qualifying exploration activities.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy securities in any jurisdiction. The Titan Class A Shares have not been nor will be registered under the United States Securities Act of 1933, and they may not be offered or sold in the United States absent registration or an exemption from registration.

The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Titan Exploration Ltd.
    Trevor Spagrud
    President & CEO
    (403) 313-8590
    (403) 313-8591 (FAX)
    or
    Titan Exploration Ltd.
    Richard F. McHardy
    Vice President, Finance & CFO
    (403) 313-8590
    (403) 313-8591 (FAX)
    Website: www.titanexploration.ca