Titan Medical Inc. (TSX-V: TMD) has engaged Stonecap Securities Inc. for an overnight marketed offering of up to 3,031,000 units at $1.65 per unit for gross proceeds of up to $5,001,150. Each unit consists of one common share and one share purchase warrant entitling the holder to acquire one additional common share at $2.00 for 5 years following closing of the offering.
Titan Medical has granted Stonecap an over-allotment option to purchase up to an additional 15% of the units exercisable for up to 30 days following closing of the offering.
Net proceeds will be used to fund continued research and development for Titan Medical’s Amadeus™ robotic surgical platform and for working capital purposes.
