Titan Medical, Inc. (OTCMKTS:TITXF) announces pricing of overnight marketed offering of equity securities. Units will be issued at a price of CDN $0.60/unit.
Titan Medical Inc. (“Titan” or the “Company”) (TMD.TO) (TITXF) is pleased to announce today that it has priced its previously announced overnight marketed offering of equity securities (the “Offering”). Pursuant to the Offering, Titan will issue units of the Company (“Units”) at a price of CDN $0.60 per Unit. Each Unit is comprised of one common share of the Company (a “Common Share”) and one common share purchase warrant (a “Warrant”). Each Warrant is exercisable at a price of CDN $0.75 and entitles the holder thereof to acquire one Common Share for a period of 5 years following the closing of the Offering (the “Closing”).
The Offering will be undertaken on a best efforts basis pursuant to the terms and conditions of an agency agreement to be entered into between the Company and Bloom Burton & Co. Limited and Echelon Wealth Partners Inc. (the “Agents”). In connection with the Offering, the Agents will be paid a cash commission equal to 7.0% of the gross proceeds of the Offering and they will be issued that number of non-transferable broker warrants exercisable for Common Shares equal to 7.0% of the number of Units sold in the Offering (in each case excluding any Units sold to certain excluded subscribers). The Company will also grant the Agents an over-allotment option to offer for sale that number of additional Units and/or Warrants equal to 15% of the Units sold under the Offering, exercisable at any time and from time to time on or before the date of Closing (the “Closing Date”) or for a period of up to 30 days following the Closing Date.
The Company expects the Closing to occur on or about September 20, 2016. The Offering is subject to the satisfaction of certain customary closing conditions, including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals (including, for certainty, the approval of the Toronto Stock Exchange (the “TSX”)). The Offering is to be effected in each of the provinces of British Columbia, Alberta and Ontario by way of a prospectus supplement (the “Prospectus Supplement”) to Titan’s base shelf prospectus dated August 18, 2015. In addition, the Units and/or Warrants may also be offered for sale in the United States, by or through a United States registered broker-dealer appointed by the Agents as sub-agent, and in certain offshore jurisdictions, in each case under available exemptions from the prospectus and registration requirements of applicable securities laws.
The net proceeds of the Offering (the “Net Proceeds”) 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. Details as to the specific allocation of the Net Proceeds will be disclosed in the Prospectus Supplement.
The Common Shares are listed on the TSX under the symbol “TMD”. An application will be made to list the Common Shares issuable under the Offering for trading on the TSX, and it is intended that the Company will make an application to list the Warrants for trading on the TSX under the symbol “TMD.WT.I”. Listing will be subject to the Company fulfilling all of the requirements of the TSX.
About Titan Medical Inc.
Titan Medical Inc. is a Canadian public company focused on the design and development of a robotic surgical system for application in minimally invasive surgery (“MIS”). The Company’s SPORT™ Surgical System, currently under development, includes a surgeon-controlled robotic platform that includes a 3D high-definition vision system and instruments for performing MIS procedures. The surgical system also includes a surgeon workstation that provides the surgeon with an advanced ergonomic interface to the robotic platform for controlling the instruments and provides a 3D high-definition endoscopic view of inside a patient’s body. The SPORT™ Surgical System is designed to enable surgeons to perform a broad set of surgical procedures for general abdominal, gynecological and urologic indications. For more information, visit the Company’s website at www.titanmedicalinc.com.
The mathematical calculation that represents the degree of change over time is known as “percentage change”. In finance, it serves many purposes, and is often used to represent the price change of a commodity.
Percentage change can be applied to any quantity that is measured over time any given time period. Say you are tracking the price of a stock. If the price increased, the formula [(New Price – Old Price)/Old Price] is applied and then take that number and multiply it by 100. If the price of a stock decreased, the formula [(Old Price – New Price)/Old Price] is applied then multiplied by 100.
The formula can be used to track the prices of both individual commodities and large market listings, and also used to compare the values of different currencies. Balance sheets with comparative financial statements often will include prices of specific stocks at different time periods alongside the percentage change over the same periods of time. Over the past three months, Titan Medical, Inc. (OTCMKTS:TITXF) has seen 1345500 shares trade hands on average.
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Titan Medical, Inc. (OTCMKTS:TITXF) shares closed the most recent session at $0.385 moving from the previous open or $-0.005. This is compared to the stock’s 52-week high of 1.3 and 52-week low of 0.37.
Companies are ranked according to their market caps, falling into large-cap, mid-cap and small-cap categories.
Large-cap companies have a market cap north of $10 billion. These large companies have usually been in business for a long time, and are major participants in well-established sectors. Investors in large-cap companies don’t necessarily bank large returns in short time periods, though are rewarded with a constant increase in share value over the long run.
Mid-cap companies have a market cap of $2 billion – $10 billion. Mid-cap companies are usually established companies operating in an industry that is expected to experience quick growth. Mid-cap companies are usually in the middle of expansion. They carry higher risk than large-cap companies due to the fact that they are not as established, though their growth potential remains an attraction to investors.
Small-cap companies have a market cap of $300 million – $2 billion. These smaller companies are usually newer or perhaps service a niche market or a new industry. Generally considered to be a higher risk than mid or large-cap in part because of their age, their size and the markets they serve. Small-cap companies usually have fewer resources and are more sensitive to the ebb-and-flow of markets. Titan Medical, Inc. (OTCMKTS:TITXF)’s market cap currently sits at $57490000.
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