Overview of Titan Minerals' ASX announcement

Titan Minerals Limited (ASX: $TTM) has announced a proposal for the listing of entitlement offer options and a consolidation of its issued capital. The company will hold a general meeting on 22 July 2024 to seek shareholder approval for the cancellation of the Attaching Options and Bonus Options, the issue of Replacement Attaching Options, and the consolidation of its issued capital.

Executive commentary on the proposed listing and consolidation

The Company has undertaken an accelerated pro-rata non-renounceable entitlement offer of new fully paid ordinary shares, along with attaching options and bonus options. Due to the practical challenges of listing the Attaching Options, the Company is proposing to offer each Entitlement Offer Participant the choice to cancel their Attaching Options and Bonus Options and apply for an equivalent number of replacement attaching options. The Replacement Attaching Options will have the same terms and conditions as the Attaching Options, with the added benefit of being quoted on the ASX, subject to the Company satisfying the quotation requirements. Additionally, the Company intends to undertake a 10 to 1 consolidation of its Shares, Options, and Performance Rights on issue, subject to shareholder approval.

Summary of Titan Minerals' proposed actions

Titan Minerals (ASX: $TTM) has proposed the listing of entitlement offer options and a consolidation of its issued capital. The Company aims to provide liquidity for the Attaching Options by offering Replacement Attaching Options to Entitlement Offer Participants. The Replacement Attaching Options will have the same terms and conditions as the Attaching Options and will be quoted on the ASX, subject to meeting the quotation requirements. Furthermore, the Company plans to undertake a 10 to 1 consolidation of its Shares, Options, and Performance Rights on issue, contingent on obtaining the requisite shareholder approval. Shareholders will have the opportunity to consider and vote on these proposals at the upcoming general meeting on 22 July 2024.