Titan Medical (TSX:TMD; OTCQX:TITXF) has closed a public offering of 17,083,333 units at a price of 60 cents apiece for gross proceeds of $10.25-million.
Each unit consists of one common share and one warrant, which entitles the holder to purchase an additional common share for 75 cents for a period of 60 months.
Net proceeds will be used to complete the engineering verification unit designated as EV5, two usability modules and initial formative usability studies in connection with the company's SPORT Surgical System, as well as for working capital and other general corporate purposes.
The company’s agency agreement included Bloom Burton and Echelon Wealth Partners. Roth Capital Partners acted as special selling group member in connection with the offering.