Titan Medical Inc (TMDIF)

[Honeycomb777]

Time for some math folks:

$4 milly from Longtai PLUS $2 milly (no dilution) call it a loan for now as there is that 183 day stipulation attached.

In addition, it's $7.6 milly in US Dollars from today's "announcement" as THAT is = to $10 milly Cdn.

So, at 1.23Cdn OR .93 US, the dilution from these "events" is

102.8 milly o/s CURRENT

$11.6 milly raised at .93 = an add'l 12.5 milly shares will be added to the o/s


current o/s should then come in around 115.3, hence PPS was diluted by 12.1%

*** So, we were trading pretty steadily around 1.06 there for awhile...so FMV IMO is around .93 BUT I would argue that the market was pricing in a financing since it dropped to around 1.06ish (some of it was baked in). We are slightly undervalued right now as I think it rebounds to around $1 soon.

Will be interesting to see how much cash on hand they have before these fund raisers. Looking forward to the MD&A. $13.6 milly in upfront cash for the added 12.5 million more shares. Deal with Longtai goes through and they get $3.4 milly more later on.


Now at a 3.6 milly/mo. burn rate - and assuming 1 milly cash left on hand - we should have around 14.6 million to use which buys us a solid 4 more months to 3/15 or so.