Titan Medical (TSX:TMD) said today that it plans to float as many as 100 million shares in a public offering that could fetch as much as $11.5 million for the Sport robot-assisted surgery platform it’s developing.
The Toronto-based company said it will offer at least 46.7 million shares at 11.5¢ (C15.0¢) apiece, for minimum gross proceeds of more than $5.3 million (C$7.0 million). Each unit in the offering consists of a stock share and a 5-year warrant priced at 15.3¢ (C20.0¢)
Titan said the offering can close in phases so long as the first tranche meets the $5.3 million threshold, adding that it expects the first closing tomorrow. The proceeds are earmarked for further development of the Sport system, working capital and “other general purposes,” the company said.
Bloom Burton Securities is the sole offering agent for the flotation, Titan said.
Earlier this month, its shareholders approved a reverse stock split at a range of one share for 5 to 30 shares.
In April, Titan Medical said it spiked talks with Chinese distributor Longtai Medical over its Sport robot-assisted surgery platform so it can focus on winning regulatory approvals in the U.S. and Europe.
Back in October 2015, Titan inked a private placement deal with Longtai, a subsidiary of Chinese medical device distributor Ningbo Long Hengtai International Trade Co., that could have ended up being worth more than $24 million.
($1 = C$1.30927)