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Titan Medical arranges overnight marketed offering
Ticker Symbol: C:TMD
Titan Medical arranges overnight marketed offering
Titan Medical Inc (C:TMD)
Shares Issued 84,530,305
Last Close 4/4/2014 $2.36
Monday April 07 2014 - News Release
Mr. John Hargrove reports
TITAN MEDICAL INC. ANNOUNCES PUBLIC FINANCING
Titan Medical Inc. has entered into an agreement with Dundee Securities Ltd., under which the agent has agreed to offer for sale on an overnight marketed best-efforts basis, units of the company, each unit consisting of one common share and one common share purchase warrant, details of which will be determined in the context of the market. In connection with the offering, BayFront Capital Partners Ltd. has been appointed as a selling group member.
The offering is scheduled to close on or about April 23, 2014. The offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals. The units will be qualified for sale by way of a prospectus supplement (to the company's short-form base-shelf prospectus dated Oct. 15, 2012), which will be filed in the provinces of British Columbia, Alberta and Ontario.
In connection with the offering, the agent will receive a cash commission equal to 6 per cent of the gross proceeds raised under the offering and that number of non-transferable broker warrants equal to 6 per cent of the number of units sold. Each broker warrant will be exercisable into one unit of the company for a period of 24 months from the closing of the offering at a price equal to the offering price.
The net proceeds of the offering will be used for continuing development and commercialization of robotic surgery technologies, and general working capital requirements.
We seek Safe Harbor.
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