Press Releases

Titan Medical Announces Filing of Final Prospectus

Apr 03,2018

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, April 03, 2018 (GLOBE NEWSWIRE) — Titan Medical Inc. (“Titan” or the Company”) (TSX:TMD) (OTCQB:TITXF), a medical device company focused on the design, development and commercialization of a robotic surgical system for application in minimally invasive surgery (“MIS”), announces today that it has filed and been receipted for a final short form prospectus (the “Final Prospectus”) in connection with the marketed offering (the “Offering”) of units of the Company (the “Units”) for minimum gross proceeds of CDN $10,000,000 and maximum gross proceeds of CDN $15,000,000. Pursuant to the Offering, Titan will issue Units at a price of CDN $0.30 per Unit. Each Unit is comprised of one common share of the Company (a “Common Share”) and one Common Share purchase warrant of the Company (a “Warrant”). Each Warrant is exercisable for one Common Share at a price of CDN $0.35 for a period of 5 years following the initial closing date of the Offering.

The Offering will be undertaken on a best efforts basis pursuant to the terms and conditions of an agency agreement dated April 3, 2018 between the Company and Bloom Burton Securities Inc. (the “Agent”). In connection with the Offering, the Agent will be paid a cash commission equal to 7.0% of the gross proceeds of the Offering and it 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 Agent has been granted the option to offer for sale additional Units (the “Over-Allotment Units”) at the price issued under the Offering and/or additional Warrants (the “Over-Allotment Warrants”) at a price of CDN $0.17 per Over-Allotment Warrant, exercisable in whole or in part at any time and from time to time on the first Closing Date or up to 30 days following the first Closing Date, so long as the aggregate number of Over-Allotment Units and Over-Allotment Warrants does not exceed 15% of the number of Units issued under the Offering.

The Final Prospectus has been filed in each of the provinces of Ontario, British Columbia and Alberta pursuant to National Instrument 44-101 – Short Form Prospectus Distributions. In addition, the Units may also be offered for sale in the United States, by or through United States registered broker-dealers appointed by the Agent as sub-agents, and in certain offshore jurisdictions, in each case under available exemptions from the prospectus and registration requirements of applicable securities laws.

In its press release dated March 7, 2018, the Company stated that it intended to file an amended and restated preliminary short form prospectus (the “Amended and Restated Preliminary Prospectus”). The Company has not and will not file an Amended and Restated Preliminary Prospectus, electing instead to proceed directly to filing the Final Prospectus announced today.

It is expected that closing of the Offering will occur on or about April 10, 2018, or such other date or dates as the Company and the Agent may agree.

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. Please see “Use of Proceeds” in the Final Prospectus, which is available under the Company’s profile at www.sedar.com, for further details of the intended use of the Net Proceeds.

The Common Shares are listed on the Toronto Stock Exchange (the “TSX”) under the symbol “TMD”. The TSX has conditionally approved the listing of the Common Shares issuable under the Offering. Listing will be subject to the Company fulfilling all of the requirements of the TSX on or before June 4, 2018.

About Titan Medical Inc.

Titan Medical Inc. is focused on research and development through to the planned commercialization of computer-assisted robotic surgical technologies for application in minimally invasive surgery. The Company is developing the SPORT Surgical System, a single-port robotic surgical system. The SPORT Surgical System is comprised of a surgeon-controlled patient cart that includes a 3D high-definition vision system and multi-articulating instruments for performing MIS procedures, and a surgeon workstation that provides an advanced ergonomic interface to the patient cart and a 3D endoscopic view inside the patient’s body. Titan intends to pursue a broad set of surgical indications for the SPORT Surgical System, including general abdominal, gynecologic and urologic procedures.

For more information, please visit the Company’s website at www.titanmedicalinc.com.

Contacts:

LHA
Kim Sutton Golodetz
(212) 838-3777
kgolodetz@lhai.com
or
Bruce Voss
(310) 691-7100
bvoss@lhai.com

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