Titan Medical Inc. Announces Closing of Public Offering

TORONTO, ON–(Marketwired – June 29, 2017) – Titan Medical Inc. (the “Company”) (TSX: TMD) (OTCQB: TITXF) is pleased to announce that it closed its previously announced public offering (the “Offering“) earlier today pursuant to an agency agreement (the “Agency Agreement“) dated June 26, 2017 between the Company and Bloom Burton Securities Inc. (the “Agent“).

The Company sold 48,388,637 units (each, a “Unit“) under the Offering at a price of CDN $0.15 per Unit for gross proceeds of CDN $7,258,296. Each Unit is comprised of one common share of the Company (a “Common Share“) and one warrant entitling the holder to purchase one Common Share at a price of CDN $0.20 for a period of five years following today’s date (the “Closing“). The net proceeds of the Offering will be used to fund continued development work in connection with the Company’s SPORT Surgical System, as well as for working capital and other general corporate purposes.

Read the full press release here.