Titan, which is developing a single-incision robotic surgery device, said it plans to offer roughly 8.0 million shares at C$1.40 per share, up from the 6.4 million shares the Toronto-based medical device company had originally planned to sell.
The offering, which will also include a 155 over-allotment provision, will consist of a single share of TMD stock plus a 3-year warrant to acquire shares at $2 apiece, according to a press release.
Titan Medical said it plans to use the proceeds, less a 6% broker’s fee, "for ongoing development and commercialization of robotic surgery technologies and general working capital requirements."
The offering, which is not available in the U.S., is slated to close Feb. 19, according to the release.
In July 2013 Titan Medical said it was pursuing “strategic alternatives," tapping Raymond James to scout out opportunities for "strategic relationships, combinations and transactions."