Titan Medical Announces Closing of Previously Announced Public Offering
April 10 2018 - 9:14AM
NOT FOR DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES
Titan Medical Inc. (the “
Company”) (TSX:TMD)
(OTCQB:TITXF), 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 April 3, 2018 between the Company and Bloom
Burton Securities Inc. (the “
Agent”).
The Company completed the closing of the
Offering on April 10, 2018 and issued 33,799,961 units (the
“Units”) for gross proceeds of CDN $10,139,988.30.
Each Unit was issued at a price of CDN $0.30 per Unit 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 CDN $0.35 until expiry on April 10,
2023. 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.
The Common Shares sold and issued in connection
with the closing were listed and posted for trading on the Toronto
Stock Exchange (the “TSX”) under the symbol TMD at
the opening on April 10, 2018.
The Units were qualified for sale by way of a
prospectus dated April 3, 2018 (the “Prospectus”)
filed by the Company in the Provinces of British Columbia, Alberta
and Ontario.
About Titan Medical Inc.
Titan Medical Inc. is a Canadian public company
focused on research and development through to the planned
commercialization of computer-assisted robotic surgical
technologies for application in MIS. The Company is currently
developing the SPORT Surgical System, a single-port robotic
surgical system. The SPORT Surgical System is 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 the surgeon
with an advanced ergonomic interface to the patient cart and a 3D
endoscopic view inside the patient’s body during MIS procedures.
With the SPORT Surgical System, the Company aims to pursue a broad
set of surgical indications, including general abdominal,
gynecologic and urologic procedures.
For more information, please visit the Company’s
website at www.titanmedicalinc.com.
Forward-Looking Statements
This news release contains “forward-looking
statements” which 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 statements 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 and in the
Prospectus (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.
U.S. Securities Law Caution
The securities described herein have not been,
and will not be, registered under the United States Securities Act
of 1933, as amended (the “U.S. Securities Act”),
or any state securities laws, and accordingly, may not be offered
or sold to, or for the account or benefit of, persons in the United
States or “U.S. persons,” as such term is defined in Regulation S
promulgated under the U.S. Securities Act (“U.S.
Persons”), except in compliance with the registration
requirements of the U.S. Securities Act and applicable state
securities requirements or pursuant to exemptions therefrom. This
press release does not constitute an offer to sell or a
solicitation of an offer to buy any of the Company’s securities to,
or for the account or benefit of, persons in the United States or
U.S. Persons.
Contact Information
LHA Investor RelationsKim Sutton Golodetz(212)
838-3777kgolodetz@lhai.com or
Bruce Voss(310) 691-7100 bvoss@lhai.com
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