Chicken Lips did you see Titan closed the 25 mil financing today ?
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Titan Medical closes $25.62-million financing
Ticker Symbol: C:TMD
Titan Medical closes $25.62-million financing
Titan Medical Inc (C:TMD)
Shares Issued 86,656,251
Last Close 4/22/2014 $2.06
Wednesday April 23 2014 - News Release
Mr. John Hargrove reports
TITAN MEDICAL INC. CLOSES UNIT OFFERING
Titan Medical Inc. has closed its previously announced public offering made pursuant to an agency agreement dated April 10, 2014, between the company and Dundee Securities Ltd. The company has sold a base offering of 10,611,469 units and full overallotment of 1,591,720 units for a total of 12,203,189 units at a price of $2.10 per unit for aggregate gross proceeds of $25,626,697. BayFront Capital Partners Ltd. acted as a selling group member in connection with the offering.
Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder thereof to acquire one share of the company at a price of $2.75 for a period of 36 months following the closing date (as defined below).
The offering, as scheduled, closed on April 23, 2014. The units were qualified for sale by way of a prospectus supplement dated April 10, 2014, to the company's short form base shelf prospectus dated Oct. 15, 2012, which has been filed in the provinces of British Columbia, Alberta and Ontario.
The net proceeds of the offering will be used for continuing development and commercialization of robotic surgery technologies and general working capital requirements. The company expects that it now has sufficient funds to see the Sport surgical system through to commercialization.
For further details regarding the offering, please see the company's press releases dated April 7, 2014, and April 8, 2014, respectively, the prospectus and the agency agreement, copies of which are available under the company's profile at SEDAR.
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