Titan Medical closes $6m offering

Titan Medical (CVE:TMD) said today it closed a $5.6 million offering, with funds slated to support the continued development of its robotic Sport surgical platform.

The Toronto-based company floated approximately 21.5 million units at 26¢ (CAD 35¢) per unit. Each unit in the offering consists of 1 share of the company and 2 half-shares of purchase warrants, 1 due 2019 and 1 due 2021.

The 2019 warrants offered in the round will be exercisable for 1 common share at 30¢ per share (CAD 40¢) for a period of 2 years, while the 2021 warrants will be exercisable at 37¢ per share (CAD 50¢) for a period of 4 years following the closing, according to a press release.

Bloom Burton Securities acted as an agent in the offering, with a cash commission equal to 7% of the gross proceeds.

Net proceeds from the offering will be used to fund continued development of the company’s Sport surgical robotic system.

Last October, Titan Medical said it brought in an additional $909,000 after the underwriters of an overnight offering picked up their over-allotment option.

The company said it sold some 2 million shares at about 44.8¢ (C60¢) apiece, adding $909,000 (C$1.2 million) to the $7.7 million (C$10.25 million) it raised in the initial offering a month prior.

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