Titan Medical Announces Closing of US $23M Bought Deal Offering Including Full Exercise of Over-Allotment Option
February 24 2021 - 9:22AM
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Titan Medical Inc. (“Titan” or the “Company”)
(TSX: TMD) (Nasdaq: TMDI), a medical
device company focused on the design and development of surgical
technologies for robotic single access surgery, announced today
that it closed its previously announced offering of 8,335,000 units
of the Company (“Units”) sold on a “bought deal” basis for
gross proceeds of US $20,004,000 (the “Offering”). Bloom
Burton Securities Inc. acted as underwriter for the Offering and
exercised its over-allotment option in full on the date hereof for
an additional 1,250,250 Units and additional gross proceeds to the
Company of US $3,000,600. The aggregate gross proceeds to the
Company under the Offering were US $23,004,600.
Each Unit was issued at a price of US $2.40 per Unit and
consisted of one common share in the capital of the Company (each a
“Common Share”) and one half (1/2) of one Common Share
purchase warrant (each whole warrant, a “Warrant”). Each
Warrant is exercisable to acquire one Common Share at an exercise
price of US $3.00 per share until February 24, 2023.
The net proceeds of the Offering will be used to fund the
development of the Company’s robotic surgical technologies and for
general working capital.
The Units were offered by way of a short form prospectus in each
of the provinces of British Columbia, Alberta, and Ontario pursuant
to National Instrument 44-101 – Short Form Prospectus
Distributions, and by way of private placement in the United States
and to, or for the account or benefit of, “U.S. persons” (as
defined in Regulation S under the United States Securities Act of
1933, as amended (the “1933 Act”)) pursuant to exemptions
from the registration requirements under the 1933 Act, and pursuant
to the applicable securities laws of any state of the United
States.
The securities referred to in this news release have not been,
nor will they be, registered under the 1933 Act and may not be
offered or sold within the United States or to, or for the account
or benefit of, U.S. persons absent U.S. registration or an
applicable exemption from the U.S. registration requirements. This
press release does not constitute an offer for sale of securities,
nor a solicitation for offers to buy any securities in the United
States, nor in any other jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Titan Medical
Titan Medical Inc., a medical device company headquartered in
Toronto, is focused on developing robotic assisted technologies for
application in single access surgery. The Enos™ system, by Titan
Medical, is being developed with dual 3D and 2D high-definition
vision systems, multi-articulating instruments, and an ergonomic
surgeon workstation. With the Enos system, Titan intends to
initially pursue gynecologic surgical indications. Certain of
Titan’s robotic assisted surgical technologies and related
intellectual property have been licensed to Medtronic plc, while
retaining world-wide rights to commercialize the technologies for
use with the Enos system.
Enos™ is a trademark of Titan Medical Inc.
For more information, visit www.titanmedicalinc.com.
Forward-Looking Statements of Titan Medical
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, including, without limitation, references to: the
Company’s focus on the design and development of surgical
technologies for robotic single access surgery, the use of proceeds
from the Offering, that the Enos system is being developed with
dual 3D and 2D high-definition vision systems, multi-articulating
instruments and an ergonomic surgeon workstation and that Titan
intends to initially pursue gynecologic surgical indications. These
statements 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 Report
on Form 20-F for the fiscal year ended December 31, 2019 (which may
be viewed at www.sedar.com and at www.sec.gov) and in the “Risk
Factors” section of the Company’s prospectus related to the
Offering (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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210224005654/en/
Monique L. Delorme Chief Financial Officer +1-416-548-7522
investors@titanmedicalinc.com
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