Titan Medical prices offering to support Sport robot system

Titan Medical (CVE:TMD) said today it priced a previously announced offering, planning to offer an unspecified number of shares priced at 77¢ (CDN $1) per unit, with each unit comprised of a common share of the company and 1 share purchase warrant.

Each warrant is exercisable at the price of 92¢ (CDN $1.20) and entitles the holder to acquire 1 common share of stock in Titan Medical for 5 years following the closing, which the company said it expects to happen on or about March 31.

The offering is being pursued through an agency agreement between the company and Bloom Burton & Co, which will be paid a cash commission of 7% of gross proceeds, according to a press release.

Common shares are listed on the TSX under the symbold “TMD”, and warrants will be listed under “TMD.W.T.H.” according to the company.

Funds from the round will be used to fund continued development of its Sport surgical system, as well as for working capital and other general corporate purposes.

In February, Titan Medical said an over-allotment option on its most recent offering added another $1.1 million (CDN $1.6 million) through the sale of an additional 1.7 million units at 65¢ (CDN 90¢) to the round, lifting the previous round total to approximately $8.8 million (CDN $12 million).

Each unit sold in the offering, which was managed by Bloom Burton & Co. Limited, consists of 1 common share of stock and one common share purchase warrant, which entitles the holder to acquire one share of the company at 73¢ (CDN $1) per share for 60 months following closing.

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