Titan Medical offering raises $10.5-million

Titan Medical (OTCQX:TITXF; TSX:TMD) has closed a public offering of 11,670,818 units at a price of 90 cents each for gross proceeds of $10.5-million.

Each unit consists of one common share and one warrant, with each warrant exercisable to purchase an additional common shares at a price of $1 for a period of 60 months.

Net proceeds will be used to complete building in the current first quarter five first-in-human units of its SPORT Surgical System, and for working capital and other general corporate purposes.

The offering was made under an agency agreement with Bloom Burton & Co. Roth Capital Partners acted as a special selling group member in connection with the offering.