Titan Medical (TSX:TMD;OTC:TITFX) said today that it filed an overnight prospectus for a stock offering worth up to $25 million.
The Toronto-based surgical robotics developer said the flotation aims to raise between $20 million and $25 million from the sale of units consisting of a stock share and a warrant, plus a 30-day over-allotment option of up to 15% of the floated units.
Titan said it plans to issue the units at $3.40 apiece, with the warrants exercisable at $4.00 for five years following the close.
The proceeds are earmarked for further development of Titan’s single-port robot-assisted surgery platform, called Sport, plus working capital and other expenses.
Bloom Burton Securities is the agent for the offering, with Northland Securities as U.S. sub-agent, Titan said.
