Titan Medical (CVE:TMD) said last Friday it filed a shelf prospectus for its upcoming offering, looking to raise a maximum of $5.6 million to support its Sport robotic surgical system.

Titan Medical said it will look to float between 15.3 million and 21.5 million units in the sale, with hoped for proceeds of between between $4 million and $5.6 million (CAD $5.4 million to $7.5 million), according to a press release.

The Toronto-based robotic device developer is looking to offer units at 26¢ (CAD 35¢) per unit. Each unit in the offering will consist of 1 share of the company and 2 half-shares of purchase warrants, 1 due 2019 and 1 due 2021.

The 2019 warrants offered in the round will be exercisable for 1 common share at 30¢ per share (CAD 40¢) for a period of 2 years, while the 2021 warrants will be exercisable at 37¢ per share (CAD 50¢) for a period of 4 years following the closing.

Bloom Burton Securities willact as an agent in the offering, with a cash commission equal to 7% of the gross proceeds. The agent will also be granted an over-allotment option for an additional amount of units or warrants equal to 15% of the units sold under the offering.

Net proceeds from the offering will be used to fund continued development of the company’s Sport surgical robotic system.

Last October, Titan Medical said it brought in an additional $909,000 after the underwriters of an overnight offering picked up their over-allotment option.

The company said it sold some 2 million shares at about 44.8¢ (C60¢) apiece, adding $909,000 (C$1.2 million) to the $7.7 million (C$10.25 million) it raised in the initial offering a month prior.