Titan Medical (TSX:TMD; NSDQ:TMDI) announced today that it has closed on a previously announced offering, raising $11.5 million in aggregate gross proceeds.
The Toronto-based surgical robotics company conducted the sale by way of a short form prospectus in each of the provinces of British Columbia, Alberta and Ontario — as well as a private placement in the U.S.
The offering included nearly 6.5 million company units sold on a “bought deal” basis for gross proceeds of roughly $10 million, with underwriter Bloom Burton Securities exercising its over-allotment option in full for an additional 967,741 units and gross proceeds of $1.5 million.
The money will go toward the development of Titan Medical’s robotic surgical technologies and for general working capital.
