Toronto-based Titan said the offering, which aims to raise a minimum of $18 million, will combine one share of stock and a single warrant; no prices have been set yet. The flotation includes a 30-day overwriters option worth 15% of the total units eventually offered and is slated to close Oct. 8, the company said.
The net proceeds are earmarked for R&D, working capital and general corporate purposes, Titan said. Bloom Burton Securities is the agent for the offering, with Northland Securities as U.S. sub-agent.
In August Titan inked a share purchase agreement with Aspire Capital worth up to $35 million, including the immediate sale of 1.8 million shares at $1.69 apeice, for gross proceeds of $3.0 million. TMDI shares took a hit last month when the Toronto-based company announced a delay in the regulatory timeline for its Sport robot-assisted surgery device, pushing it back from the end of this year to the first half of 2020.
TMDI shares closed down -0.5% at $2.06 apiece yesterday.