Titan Medical closes $7.5M offering

CPE News

Toronto (pcJ News Briefs) – Titan Medical Inc. (TSX: TMD; OTCQX: TITXF) has completed previously announced public offering of 21,467,200 units at CDN $0.35 per unit for gross proceeds of CDN $7,513,520.

Bloom Burton Securities Inc. acted as lead agent for the offering. Roth Capital Partners acted as special selling group member.

Each unit is comprised of one common share and one-half of one common share purchase warrant, with each whole warrant exercisable for one common share at a price of CDN $0.40 for a period of two years following the closing of the offering and one-half of one common share purchase warrant with each whole warrant exercisable for one common share at a price of CDN $0.50 for a period of four years following closing.

Titan Medical intends to use net proceeds to fund continued development work in connection with the its SPORT Surgical System, as well as for working capital and other general corporate purposes.

Titan Medical Inc. is focused on research and development through to the planned commercialization of computer-assisted robotic surgical technologies for application in minimally invasive surgery (MIS).