pcNewsWire – Titan Medical Inc. (TSX: TMD; OTCQB: TITXF) has filed a preliminary short form prospectus in connection with a proposed marketed offering of units for minimum gross proceeds of US $8,600,000 and maximum gross proceeds of US $17,300,000.
Bloom Burton Securities Inc. is the sole agent for the Offering in Canada. The securities may also be offered for sale in the United States through United States registered broker-dealers, Maxim Group LLC, and WallachBeth Capital LLC.
Net proceeds will be used to fund continued development work in connection with the company’s SPORT Surgical System, as well as for working capital and other general corporate purposes.
TITAN MEDICAL INC. ANNOUNCES MARKETED OFFERING OF UNITS
Toronto, ON – June 9, 2017 – Titan Medical Inc. (“Titan” or the “Company”) (TSX: TMD) (OTCQB: TITXF) announced today that it has filed a preliminary short form prospectus in connection with a proposed marketed offering of units of the Company (the “Units”) for minimum gross proceeds of US$8,600,000 and maximum gross proceeds of US$17,300,000 (the “Offering”). Each Unit will be comprised of common shares of the Company (“Common Shares”) and Common Share purchase warrants (each full warrant a “Warrant”, and together with the Units and Common Shares the “Securities”). The Offering will be undertaken on a “best efforts” agency basis in the provinces of Ontario, British Columbia and Alberta pursuant to the Company’s preliminary short form prospectus dated June 8, 2017 (the “Preliminary Prospectus”), filed with securities regulators in Ontario, British Columbia and Alberta, and may be undertaken in the United States pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state laws.
Bloom Burton Securities Inc. is the sole agent for the Offering in Canada (the “Canadian Agent”). The Securities may also be offered for sale in the United States through United States registered broker-dealers, Maxim Group LLC, and WallachBeth Capital LLC (together with the Canadian Agent, the “Agents”) through an exempt private placement. The number of Units to be distributed, the price of each Unit and the exercise price and term of each Warrant will be determined by negotiation between the Company and the Agents in the context of the market.
The Company will apply to list the Common Shares on the Toronto Stock Exchange (the “TSX”). The Offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals and approval of the TSX. The net proceeds of the Offering will be used to fund continued development work in connection with the Company’s SPORT Surgical System, as well as for working capital and other general corporate purposes. Further details are disclosed in the Preliminary Prospectus, available at www.sedar.com.
About Titan Medical Inc.
Titan Medical Inc. is a Canadian public company focused on research and development through to the planned commercialization of computer-assisted robotic surgical technologies for application in minimally invasive surgery (“MIS”). The Company is currently developing the SPORT Surgical System, a single-port robotic surgical system. The SPORT Surgical System is comprised of a surgeon-controlled patient cart that includes a 3D high definition vision system and multi-articulating instruments for performing MIS procedures, and a surgeon workstation that provides the surgeon with an advanced ergonomic interface to the patient cart and a 3D endoscopic view inside the patient’s body during MIS procedures. With the SPORT Surgical System, the Company aims to pursue a broad set of surgical indications, including general abdominal, gynecologic and urologic procedures.
For more information, please visit the Company’s website at www.titanmedicalinc.com.
Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.