Titan Secures Funds For Development Of Robotic Surgery Technology
Titan Medical has closed a public offering made pursuant to an agency agreement dated April 10, between the company and Dundee Securities. Titan has sold a base offering of 10.6mn units and full over-allotment of 1.6mn units for a total of 12.2mn units at a price of CAD2.10 per unit for aggregate gross proceeds of CAD25.6mn.
Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder to acquire one share of the company at a price of CAD2.75 for a period of 36 months following the closing date.
The net proceeds of the offering will be used for ongoing development and commercialisation of robotic surgery technologies and general working capital requirements. Titab expects that it now has sufficient funds to see its Sport surgical system through to commercialisation.