EDMONTON, Alberta, August 31, 2006 - Titan Logix Corp. (the “Company”) (TSX Venture: TLA) announces the first closing of its previously announced Short Form Offering. Pursuant to this closing, the Company issued 2,519,500 units at the price of $0.32 per unit for gross proceeds of $806,240. Each unit consisted of one common share and one half of one common share purchase warrant, each whole warrant exercisable into one common share at a price of $0.40 per share, for a period of 18 months subsequent to the closing of the Offering.

Canaccord Adams is acting as Agent for the current Short Form Offering. The Company paid cash commissions totaling $63,270 and an administrative work fee of $5,000 and issued 242,350 non-transferable agent’s warrants on the first closing. Each agent’s warrant entitles the holder to acquire one common share of the Company until February 29, 2008 at a price of $0.40.

Pursuant to the Company’s consulting services agreement with Erythana Ventures Corp., the Company paid Erythana a cash fee of $40,312 in connection with this closing.

The agent’s warrants and 75,000 units are subject to a four month hold period.

The proceeds of the Offering are to be used to fund the Company’s sales and marketing efforts, research and development for new product launches, and for general working capital purposes.

About Titan Logix Corp.

The Company is a technology based enterprise, operating as Titan Logix Corp. It is engaged in the design, manufacturing, sales, and support/service of a range of products including:

  • Mechanical and electronic liquid level gauging systems for storage tanks and process vessels;
  • Electronic burner control systems for atmospheric industrial heaters;
  • Guided wave radar liquid gauging and control systems for mobile tankers;
  • Mud level monitoring for oil and gas drilling well controls; and
  • Communication and control systems enabling remote telemetry management of site processes.

For further information, please contact:

Les J. Evans, President& Chief Executive Officer
Ph: 780 462-4085 (Edmonton)
Email: invest@titanlogix.com
Website: www.titanlogix.com

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

Download Printable Version