By Devika Patel
Knoxville, Tenn., Dec. 7 - Titan Medical Inc. said it will raise between C$3 million and C$5 million in a private placement of units. There is a C$1 million greenshoe.
The company will sell units of a common share and a half-share warrant at C$0.40 per unit.
Each whole warrant will be exercisable at C$0.48 for 18 months.
Union Securities Ltd. is lead agent of a syndicate that includes Paradigm Capital Inc.
The Toronto company makes next-generation surgical robotic platforms.
| Issuer: | Titan Medical Inc.
|
| Issue: | Units of a common share and a half-share warrant
|
| Amount: | C$3 million (minimum), C$5 million (maximum)
|
| Greenshoe: | C$1 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.48
|
| Agents: | Union Securities Ltd. (lead), Paradigm Capital Inc.
|
| Pricing date: | Dec. 7
|
| Stock symbol: | TSX Venture: TMD
|
| Stock price: | C$0.43 at close Dec. 7
|
| Market capitalization: | C$14.5 million
|
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