Titan Medical Closes Public Offering
21 Março 2019 - 5:30PM
Business Wire
Titan Medical Inc. (“Titan” or the “Company”)
(TSX:TMD) (Nasdaq:TMDI), a medical device company focused on the
design, development and commercialization of a robotic surgical
system for application in minimally invasive surgery
(“MIS”), is pleased to announce the closing of its
previously announced public offering (the “Offering”)
pursuant to an agency agreement dated March 18, 2019 between the
Company and Bloom Burton Securities Inc. (the “Agent”).
The Company closed the Offering on March 21, 2019 and issued
7,352,941 units (the “Units”) for gross proceeds of
approximately US $25,000,000. Each Unit was issued at a price of US
$3.40 per Unit (the “Offering Price”) and is comprised of
one common share of the Company (a “Common Share”) and one
warrant entitling the holder to purchase one Common Share at a
price of US $4.00 until expiry on March 20, 2024.
The Agent also exercised, in full, the over-allotment option
(the “Over-Allotment Option”) granted to the Agent in
conjunction with the Offering and pursuant to the exercise of the
Over-Allotment Option, the Company sold an additional 1,102,941
Units at closing at the Offering Price for additional gross
proceeds to the Company of approximately US $3,750,000.
The closing of the Offering and the exercise of the
Over-Allotment Option together resulted in total gross proceeds of
approximately US $28,750,000 and the sale and issuance of 8,455,882
Units.
The Common Shares sold and issued in connection with the closing
were listed and posted for trading on the Toronto Stock Exchange
under the symbol “TMD” and on the Nasdaq Capital Market under the
symbol “TMDI” on March 21, 2019.
The Units were qualified for sale by way of a prospectus dated
March 18, 2019 (the “Prospectus”) filed by the Company in
each of the provinces of Ontario, British Columbia and Alberta, and
a corresponding registration statement on Form F-10 (the
“Registration Statement”) with the United States Securities
and Exchange Commission under the U.S.-Canada Multijurisdictional
Disclosure System. The Units were offered for sale in the United
States through Northland Capital Markets, which was appointed by
the Agent as a sub-agent. Northland Capital Markets is a division
of Northland Securities, Inc., member FINRA/SIPC.
The net proceeds of the Offering will be used to fund continued
development work in connection with the Company’s SPORT Surgical
System, as well as for working capital and other general corporate
purposes. Further details are disclosed in the Prospectus,
available at www.sedar.com and the Registration Statement,
available at www.sec.gov.
Related Party Transaction
An aggregate of 1,350 Units were issued to an insider of the
Company under the Offering for gross proceeds of US $4,590. The
insider subscription constitutes a “related party transaction”
pursuant to Multilateral Instrument 61‐101 – Protection of Minority
Security Holders in Special Transactions (“MI 61‐101”). In
completing the insider subscription, the Company relied on the
exemptions from the formal valuation and minority shareholder
approval requirements of MI 61‐101 set forth in sections 5.5(a) and
5.7(a) of MI 61‐101, as the aggregate value of the insider
subscription does not exceed 25% of the market capitalization of
the Company. The Company did not file a material change report more
than 21 days before the expected closing of the Offering due to the
limited time between the commitment by the insider to purchase the
subject Units and the closing.
About Titan
Titan Medical Inc. is focused on computer-assisted robotic
surgical technologies for application in MIS. The Company is
developing the SPORT Surgical System, a single-port robotic
surgical system comprised of a surgeon-controlled patient cart that
includes a 3D high-definition vision system and multi-articulating
instruments for performing MIS procedures, and a surgeon
workstation that provides an advanced ergonomic interface to the
patient cart and a 3D endoscopic view inside the patient’s body.
Titan intends initially to pursue focused surgical indications for
the SPORT Surgical System, which may include one or more of
gynecologic, urologic, colorectal or general abdominal
procedures.
For more information, please visit the Company’s website at
www.titanmedicalinc.com
Forward-Looking Statements
This news release contains “forward-looking statements” within
the meaning of applicable Canadian and U.S. securities laws. Such
statements reflect the current expectations of management of the
Company’s future growth, results of operations, performance and
business prospects and opportunities. Wherever possible, words such
as “may”, “would”, “could”, “will”, “anticipate”, “believe”,
“plan”, “expect”, “intend”, “estimate”, “potential for” and similar
expressions have been used to identify these forward-looking
statements. These statements, including with respect to the use of
the net proceeds of the Offering, reflect management’s current
beliefs with respect to future events and are based on information
currently available to management. Forward-looking statements
involve significant risks, uncertainties and assumptions. Many
factors could cause the Company’s actual results, performance or
achievements to be materially different from any future results,
performance or achievements that may be expressed or implied by
such forward-looking statements, including, without limitation,
those listed in the “Risk Factors” section of the Company’s Annual
Information Form dated March 31, 2018 (which may be viewed at
www.sedar.com). Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
statements prove incorrect, actual results, performance, or
achievements may vary materially from those expressed or implied by
the forward-looking statements contained in this news release.
These factors should be considered carefully, and prospective
investors should not place undue reliance on the forward-looking
statements. Although the forward-looking statements contained in
the news release are based upon what management currently believes
to be reasonable assumptions, the Company cannot assure prospective
investors that actual results, performance or achievements will be
consistent with these forward-looking statements. Except as
required by law, the Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or
otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190321005752/en/
LHA Investor RelationsKim Sutton Golodetz(212)
838-3777kgolodetz@lhai.comorBruce Voss(310)
691-7100bvoss@lhai.com
Titan Medical (NASDAQ:TMDI)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Titan Medical (NASDAQ:TMDI)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024