Titan Medical Closes $23 million Public Offering

Titan Medical (TSX:TMD; OTCQB:TITXF) announced it completed a public offering with Bloom Burton Securities issuing 46,000,000 units for gross proceeds worth $23 million.
As quoted in the press release:

“We are very pleased with the results of this most recent offering, which based on demand, was significantly upsized from the original offering. We intend to use the capital raised to further the development of our SPORT Surgical System,” said David McNally, President and CEO.

The Company completed the closing of the Offering on December 5, 2017 and issued 46,000,000 units (the “Units”) for gross proceeds of CDN $23,000,000.  Each Unit was issued at a price of CDN $0.50 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 $0.60 until expiry on December 5, 2022. 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.

Click here to read the full press release.

Source: www.otcmarkets.com