Titan Medical Inc. Announces Terms of Overnight Marketed Equity Offering

Press Releases |

TORONTO, ON--(February 05, 2016) -


Titan Medical Inc. ("Titan" or the "Company") (TSX: TMD) (OTCQX: TITXFTITXF) is pleased to announce today that the Company has priced its previously announced overnight marketed offering of equity securities (the "Offering"). Pursuant to the Offering, Titan will issue an aggregate of up to 8,888,889 units of the Company ("Units") at a price of C$0.90 per Unit (the "Offering Price") for aggregate gross proceeds of approximately C$8,000,000. Each Unit is comprised of one common share of the Company (a "Common Share") and one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable at a price of C$1.00 and entitles the holder thereof to acquire one common share of the Company (a "Warrant Share") for a period of 5 years following the closing of the Offering.

The Offering will be conducted 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 (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 Units equal to 7% 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 Agent 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, at the Offering Price, exercisable at any time up to 30 days after the closing of the Offering.

The Company expects to close the Offering on or about February 12, 2016. The Offering is subject to satisfaction of certain customary closing conditions, including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals (and including approval of the Toronto Stock Exchange). The Offering is to be effected in each of the provinces of British Columbia, Alberta and Ontario by way of a prospectus supplement to Titan's base shelf prospectus dated August 18, 2015. In addition, the Units may also be offered for sale in the United States, by or through a United States registered broker-dealer appointed by the Agent 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 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.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. persons," as such term is defined in Regulation S promulgated under the U.S. Securities Act ("U.S. Persons"), except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities to, or for the account or benefit of, persons in the United States or U.S. Persons.

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 Single Port Orifice Robotic Technology, SPORT™ Surgical System, currently under development, is comprised of a surgeon-controlled robotic platform that includes a 3D vision system and interactive instruments for performing MIS procedures, and a surgeon workstation that provides the surgeon with an interface to the robotic platform for controlling the interactive instruments and providing a 3D endoscopic view of inside a patient's body during MIS procedures. The SPORT™ Surgical System is being designed to expand robotic surgery into both simple and complex areas of surgical specialties and procedures that are currently under-serviced. It is also being designed to allow surgeons to perform procedures within small- to medium-size surgical spaces for general abdominal, gynecologic, and urologic indications. 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. Such statements include, but are not limited to, statements regarding receipt of applicable regulatory approvals, the anticipated closing date of the Offering and the proposed use of proceeds. 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, 2015 (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 nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

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