Titan Medical (TSX:TMD) said today it has increased the size of its previously announced offering to between $14.1 million (CDN $18 million) and $18 million (CDN $23 million), up from between $10.2 million (CDN $13 million) and $11.7 million (CDN $15 million).
The Toronto-based company said it is looking to offer units at approximately 39¢ (CDN 50¢) each. Each unit in the offering is comprised of one common share of the company and the purchase warrant for an additional common share, exercisable at 47¢ (CDN 60¢) per share for a period of five years following the offering.
“We are delighted that the investment community has responded enthusiastically to the offering, acknowledging the significant progress that the company has made in achieving its milestones, as well as its prospects for the future,” prez & CEO David McNally said in a press release.
Proceeds from the offering will be used to support continued development of the company’s Sport robotic surgical platform in addition to working capital and other general corporate purposes.