By Devika Patel
Knoxville, Tenn., Dec. 23 - Titan Medical Inc. said it raised C$2.33 million in a private placement of units. There is a C$1 million greenshoe. The deal priced for between C$3 million and C$5 million with a C$1 million greenshoe on Dec. 7.
The company sold 5,822,000 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. was the agent.
The Toronto company makes next generation surgical robotic platforms.
| Issuer: | Titan Medical Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$2,328,800
|
| Greenshoe: | C$1 million
|
| Units: | 5,822,000
|
| 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.
|
| Pricing date: | Dec. 7
|
| Settlement date: | Dec. 23
|
| Stock symbol: | TSX Venture: TMD
|
| Stock price: | C$0.43 at close Dec. 7
|
| Market capitalization: | C$14 million
|
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