07:06 AM EST, 12/11/2024 (MT Newswires) -- Titan Mining Corporation ( TIMCF ) on Wednesday said it has agreed to amendments to a credit facility with National Bank of Canada, resulting in significant deleveraging by the end of 2025.

The company will repay US$5 million by Dec. 30, for a total of US$17 million in principal repaid in 2024.

The credit facility's maturity date was extended from June 30, 2025, to Dec. 31, 2025. The remaining principal repayment was extended from US$10.2 million by June 30, 2025, to US$5 million by June 30, 20205, and US$5.2 million by Dec. 31, 2025.

The amended payment schedule provides the company with financial flexibility to pursue growth opportunities in 2025 while reducing debt.

"The revisions to the credit facility will allow us to achieve our goal of significantly deleveraging the company while advancing near term expansion," said Titan CEO Don Taylor. "We are excited to be entering 2025 with a stronger balance sheet and renewed financial momentum."