Titan Medical Inc. Announces Equity Offering
Posted on March 08, 2012 at 08:00 AM EST
TORONTO, ONTARIO--(Marketwire - March 8, 2012) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
Titan Medical Inc. (the "Company") (TSX VENTURE:TMD)(OTCQX:TITXF) announced today an equity offering (the "Offering") through Octagon Capital Corporation ("Octagon"). The Offering will consist of up to 1,986,755 units (the "Units") from treasury of the Company at a price of $1.51 per Unit for gross proceeds of up to $3,000,000. Each Unit will consist of one common share of the Company and one common share purchase warrant, entitling the holder thereof to purchase one common share of the Company at $1.77 during the 5 years following closing of the Offering.
The net proceeds from the Offering will be used to fund continued research and development for the Company's Amadeus robotic surgical system-platform and for working capital and general expenses.
The terms of the Offering will be described in a supplement to the Company's Amended and Restated Short Form Base Shelf Prospectus, dated November 1, 2010, to be filed in the provinces of Ontario, British Columbia and Alberta. The Offering is subject to execution of an agency agreement with Octagon and will be subject to customary conditions, including the approval of the TSX Venture Exchange.
The Company expects that the Offering will be fully subscribed and will close on or about March 13, 2012.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless an exemption from such registration is available.
About Titan Medical Inc.
Titan Medical Inc. is a Canadian public company (TSX VENTURE:TMD)(OTCQX:TITXF) focused on the development and commercialization of robotic surgical technologies. The Company is currently developing Amadeus Composer(TM), a surgical system that has a uniquely designed external robot and flexible instruments, with the objective of allowing surgeons to overcome constraints of surgical procedures in small to medium spaces. Amadeus Maestro(TM), the Company's next generation 4-armed robotic surgical system with advanced communication and training, utilizes the Titan True Touch Technology and is targeted to surgical procedures in large spaces. Robotic surgery has developed over the past 10 years into a proven and growing method of treatment. The global robotic surgical market size is currently estimated to be approximately $1 billion and is estimated to grow to $5 billion by 2015 with potential for placement of 6,000 robotic surgical systems. The Company is researching and developing innovative technologies to empower surgeons to use robots in the operating room of the future. For more information, visit the Company's website at www.titanmedicalinc.com.
Forward Looking Statements
This news release contains "forward-looking statements" which reflect the current expectations of management of the Company's future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as "may", "would", "could", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "potential for" and similar expressions have been used to identify these forward-looking statements. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, without limitation, those listed in the "Risk Factors" section of the Company's Annual Information Form dated March 31, 2011 (which may be viewed at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in the news release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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