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Titan Medical Inc. Message Board

  • fitasafiddle99 fitasafiddle99 Apr 7, 2014 3:36 PM Flag

    New Offering

    Titan Medical Inc. Announces Public Financing
    TORONTO, ONTARIO--(Marketwired - April 7, 2014) -


    Titan Medical Inc. ("Titan" or the "Company") (TSX VENTURE:TMD)(OTCQX:TITXF) has announced that it has entered into an agreement with Dundee Securities Ltd. (the "Agent") under which the Agent has agreed to offer for sale on an overnight marketed "best efforts" basis (the "Offering") units of the Company (the "Units"), each Unit consisting of one common share and one common share purchase warrant, details of which will be determined in the context of the market. In connection with the Offering, BayFront Capital Partners Ltd. has been appointed as a selling group member.

    The Offering is scheduled to close on or about April 23, 2014. The Offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals. The Units will be qualified for sale by way of a prospectus supplement (to the Company's short form base shelf prospectus dated October 15, 2012), which will be filed in the Provinces of British Columbia, Alberta and Ontario.

    In connection with the Offering, the Agent will receive a cash commission equal to 6.0% of the gross proceeds raised under the Offering and that number of non-transferable broker warrants equal to 6.0% of the number of Units sold. Each broker warrant will be exercisable into one Unit of the Company for a period of 24 months from the closing of the Offering at a price equal to the Offering price.

    The net proceeds of the Offering will be used for ongoing development and commercialization of robotic surgery technologies and general working capital requirements.

    The Securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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    • A little disappointing to hear about a new offering after a recent offering in February here in the US. Guess these stocks are for Canadians only. You may see a dip in the price tomorrow but I believe the cat is out of the bag. Most shareholders here are informed and are either in the medical field or heard about this company from a friend or family in the medical community. A majority have been following this company for some time. I have personally been through at least three share offerings so nothing new to me. Not sure anyone is going to risk selling shares at this price point. When Titan mentions the completion of tissue testing and onwards to human testing, the pps is going to jump. $2.39 per share will be a distant price in the past.

      Sentiment: Strong Buy

      • 1 Reply to canadaworm
      • My guess is that a lot of warrant holders are not exercising at these prices, and are holding to sell at a much higher price and company decided to get all the money requirements out of the way at this point which to me is a sign they are moving forward faster than was contemplated a few months ago. The company is debt free and has a good cash position but it also costs money to bring SPORT to FDA approval and mass production. Titan is now one step closer to FDA approval after this placement.

        Sentiment: Strong Buy

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