Titan Medical announces, following the initial closing on October 20, 2017, the Company completed the final closing of a private placement of 13,385,900 total common shares at a price of CDN $0.25 per share for total gross proceeds of CDN $3,343,416.
TITAN Medical Inc. (“Titan” or 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”), announces, following the initial closing on October 20, 2017, the Company completed the final closing of a private placement of 13,385,900 total common shares at a price of CDN $0.25 per share for total gross proceeds of CDN $3,343,416. Participants in the offering included more than a dozen robotic surgeons from the United States, as well as other investors.
The net proceeds will be used to fund continued development of the Company’s SPORT Surgical System, as well as for working capital and other general corporate purposes.
The offering and sale of shares was completed pursuant to exemptions from prospectus and registration requirements in the United States, Canada and other jurisdictions and the shares will be subject to a 4-month hold in Canada and applicable resale restrictions in the United States.
Related Party Transaction
An aggregate of 785,800 Common Shares were issued to insiders of the Company under the Offering for gross proceeds of $196,450, which included certain of the Company’s directors. Each 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 subscriptions, 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 launch of the offering and the Closing.
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 minimally invasive surgery. 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.
