Titan Medical Inc. upsized its marketed offering of units to raise between C$18 million and C$23 million at 50 Canadian cents per unit.
The company previously planned to raise between C$13 million and C$15 million.
Each unit comprises 1 common share and 1 warrant to buy a single common share at 60 cents per share.
The company intends to use the net proceeds to fund continued development work in connection with its SPORT Surgical System as well as for working capital and other general corporate purposes.
Bloom Burton Securities Inc. is the sole agent for the offering.