Titan Medical Inc (TMDIF)

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The Canadian Early Warning Reporting System "EWRS" presently requires shareholders to report (by promptly issuing a press release and filing an early warning report within two business days) when their ownership, control or direction (collectively, "ownership") over voting or equity securities of a reporting issuer reaches 10%, and to further report at 2% increments thereafter, or when a material fact has changed in a previous report. Forming part of the take-over bid and insider reporting rules, the early warning reporting system ("EWR System") is intended to provide transparency when a person acquires a significant interest in a reporting issuer and requires the acquiror to disclose not only the details of the transaction and the level of the interest held, but also the intentions of the acquiror.

PRESS RELEASE: Titan Medical Inc. has entered into definitive agreements with a single health-care-focused institutional investor that provide for the purchase and sale of 18 million common shares of the company (or common share equivalents) at a per-share purchase price of $1 (U.S.) per common share and nine million common share purchase warrants in a registered direct offering priced at the market under the rules of the Nasdaq Stock Market, resulting in total gross proceeds of approximately $18-million (U.S.). Each whole warrant is exercisable to purchase one common share at an exercise price of $1 (U.S.) per common share for a period of four years following the date of closing of the offering.