Ontario, Canada
(State of incorporation or organization)
|
98-0663504
(I.R.S. Employer Identification No.)
|
Title of Each Class
of Securities to be
Registered
|
Amount to be
Registered
(1)
|
|
Proposed Maximum
Aggregate Offering
Price
(2)
|
Amount of
Registration Fee
|
|||||||
Common Shares
|
|||||||||||
Warrants
|
|||||||||||
Units
|
|||||||||||
Total
|
|
(1)
|
$
|
125,000,000 |
$
|
15,150
|
(1)
|
There are being registered under this registration statement such indeterminate number of Common Shares, Warrants, and Units as shall have an aggregate initial offering price not to exceed $125,000,000. This
registration statement also covers an indeterminate amount of Common Shares that may be issued upon exercise of Warrants. Any securities registered by this registration statement may be sold separately or in any combination or as units with
other securities registered under this registration statement. The proposed maximum initial offering price per security will be determined, from time to time, by the registrant in connection with the sale of the securities under this
registration statement. Pursuant to Rule 416 under the Securities Act, the securities being registered hereunder also include such indeterminate number of common shares as may be issuable as a result of stock splits, stock dividends or
similar transactions.
|
(2)
|
Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(o) of the Securities Act.
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SUBJECT TO COMPLETION, JULY 30, 2019
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TABLE OF CONTENTS
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Page
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
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6
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PUBLICALLY AVAILABLE INFORMATION ON TITAN
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8
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DOCUMENTS INCORPORATED BY REFERENCE
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9
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RISK FACTORS
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10
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MATERIAL CHANGES
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10
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CONSOLIDATED CAPITALIZATION
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11
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DESCRIPTION OF SHARE CAPITAL
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11
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MEMORANDUM AND ARTICLES OF ASSOCIATION
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14
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USE OF PROCEEDS
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22
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PLAN OF DISTRIBUTION
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23
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DESCRIPTION OF SECURITIES
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24
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TRADING
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25
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DILUTION
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25
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EXPENSES OF ISSUANCE AND DISTRIBUTION
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26
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DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT
LIABILITIES
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26
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MATERIAL CONTRACTS
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26
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EXCHANGE CONTROLS
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26
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CERTAIN INCOME TAX CONSIDERATIONS
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27
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DOCUMENTS ON DISPLAY
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27
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EXPERTS
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27
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LEGAL MATTERS
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27
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INTEREST OF EXPERTS AND COUNSEL
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27
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PART II - INFORMATION NOT REQUIRED IN PROSPECTUS
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28
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EXHIBITS
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29
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UNDERTAKINGS
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29
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SIGNATURES
|
30
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POWERS OF ATTORNEY
|
30
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●
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our technology and research and development objectives, including development milestones, and achieving design freeze, estimated
costs, schedules for completion and probability of success
;
|
●
|
our intention with respect to updating any forward-looking statement after the date on which such statement is made or to reflect
the occurrence of unanticipated events
;
|
●
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expectation with respect to planned acute and chronic animal studies and human cadaver studies to be conducted under Good Laboratory
Practices and anticipation of filing and Investigational Device Exemption (“
IDE
”) with the U.S. Food and Drug Administration (“
FDA
”)
;
|
●
|
the Company’s expectation that the FDA will grant IDE approval and that the Company will then proceed to collect suitable confirmatory human data to support its
510(k) application to the FDA, and Technical File for the CE Mark;
|
●
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expectation that it can in a timely manner produce the appropriate preclinical and clinical data required
for its 510(k) application to the FDA, and Technical File for the CE Mark
;
|
●
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our expectation with respect to launching a commercial product in certain jurisdictions
;
|
●
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our intentions to develop a robust training curriculum and post-training assessment tools intentions to develop a robust training curriculum and post-training
assessment tools that will be effective in ensuring that surgeons are appropriately trained to safely operate the Company’s single-port robotic surgical system;
|
●
|
our plans to develop and commercialize our
single-port robotic surgical system
and the estimated incremental costs
(including the status, cost and timing of achieving the development milestones disclosed herein);
|
●
|
our plans to design, create and refine software for production system functionality of our single-port robotic surgical system and the estimated
incremental costs (including the status, cost and timing of achieving the development milestones disclosed herein);
|
●
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our intentions to complete formative and summative human factors studies
;
|
●
|
our intentions with respect to initiating marketing activities following receipt of the applicable regulatory approvals
;
|
●
|
our expectation for the surgical indications for, and the benefits of, our single-port robotic surgical system
;
|
●
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our intention to continue to assess specialized skill and knowledge requirements and the recruitment of qualified personnel and
partners
;
|
●
|
our belief that the specialized components, parts and know-how necessary for the manufacture of
the single-port robotic surgical
system,
suitable for clinical use, will be available in the marketplace;
|
●
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our
belief that existing and planned systems will be suitable to support human factors studies, animal and human cadaver
studies, human confirmatory studies, and 2019 activities related to filing its applications for regulatory clearance;
|
●
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our intention of filing and prosecution of patent applications to expand the Company’s intellectual property portfolio as technologies are developed or refined;
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●
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our seeking of licensing opportunities to expand our intellectual property portfolio
;
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●
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our intended use of proceeds of any offering of our securities
;
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●
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our intention with respect to not paying any cash dividends on Common Shares in the foreseeable future
;
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●
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our intention to retain future earnings, if any, to finance expansion and growth
;
|
●
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projected competitive conditions with respect to our products
;
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●
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the estimated size of the market for robotic surgical systems for abdominal surgery
; and
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●
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the potential market for the securities issuable under the Offering.
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● |
risks relating to our ability to obtain additional financing;
|
● |
risks relating to our history of losses;
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● |
risks and uncertainties relating to the generating sustainable earnings from our contemplated products;
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● |
risks related to loss of key members of management and/or ability to attract and retain qualified employees;
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● |
risks related to dependence on third parties retained to conduct preclinical studies;
|
|
|
● |
risks related to increased competition in the robotic surgical market;
|
● |
risks related to licensing and/or infringement of intellectual property rights of third parties;
|
● |
risks related to the price and volume volatility of the Common Shares;
|
● |
risks related to governmental regulations and approval processes of Food and Drug Administration of the United States Department of Health and Human Services, including possible changes thereto;
|
● |
risks related to acceptance of our technology; and
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● |
risks related to the ability to maintain the listing of the Common Shares on the TSX and Nasdaq.
|
(a)
|
Our Form 40-F Annual Report dated March 29, 2019 for the year ended December 31, 2018 (the “
40-F
”) filed with the SEC on March 29, 2019;
|
(b)
|
Our Material Change Report dated March 6, 2019 which was included as Exhibit 99.1 to the Form 6-K filed with the SEC on March 8, 2019;
|
(c)
|
Our Material Change Report dated March 28, 2019 which was included as Exhibit 99.4 to the Form 6-K filed with the SEC on May 31, 2019;
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(d)
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Our Unaudited Condensed Interim Financial Statements for the three-month period ended March 31, 2019, which were included as Exhibit 99.2 to the Form 6-K filed with the SEC on May 15, 2019;
|
(e)
|
Our Management Discussion and Analysis for the three-month period ended March 31, 2019 (the “
March 2019 MD&A
”), which was included as Exhibit 99.3 to the Form 6-K
filed with the SEC on May 15, 2019;
|
(f)
|
Our management information circular for the annual general meeting of shareholders held on May 29, 2019 which was included as Exhibit 99.6 to the Form 6-K filed with the SEC on May 31, 2019; and
|
As at March 31, 2019
|
||||
Liabilities
|
||||
Accounts payable and accrued liabilities
|
$
|
6,495,644
|
||
Other current liabilities – with warrant liability
|
33,774,970
|
|||
Total current liabilities
|
40,270,614
|
|||
Loan payable
|
0
|
|||
Long-term liability
|
0
|
|||
Total non-current liabilities
|
0
|
|||
Equity
|
||||
Common shares
|
189,726,067
|
|||
Warrants
|
0
|
|||
Contributed surplus
|
6,903,766
|
|||
Deficit
|
(201,220,574
|
)
|
||
Total equity/(deficit)
|
(4,590,741
|
)
|
||
Total liabilities and equity
|
35,679,873
|
Common Shares
|
●
|
borrow money upon our credit;
|
●
|
issue sell or pledge debt obligations (including bonds, debentures, notes or other similar obligations, secured or unsecured) of the Company; and
|
●
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charge, mortgage, hypothecate, pledge all or any of the currently owned or subsequently acquired real or personal, movable or immovable, property of the Company,
including book debts, rights, powers, franchises and undertakings, to secure any debt obligations or money borrowed, or other debt or liability of the Company.
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Transactions with Directors and Officers
|
||
Delaware
|
Ontario
|
|
The DGCL generally provides that no transaction between a corporation and one or more of its directors or officers, or between a corporation and any other corporation or other organization in which one or more
of its directors or officers, are directors or officers, or have a financial interest, shall be void or voidable solely for this reason, or solely because the director or officer is present at or participates in the meeting of the board or
committee which authorizes the transaction, or solely because any such director’s or officer’s votes are counted for such purpose, if (i) the material facts as to the director’s or officer’s interest and as to the transaction are known to the
board of directors or the committee, and the board or committee in good faith authorizes the transaction by the affirmative votes of a majority of the disinterested directors, even though the disinterested directors be less than a quorum (ii)
the material facts as to the director’s or officer’s interest and as to the transaction are disclosed or are known to the stockholders entitled to vote thereon, and the transaction is specifically approved in good faith by vote of the
stockholders; or (iii) the transaction is fair as to the Company as of the time it is authorized, approved or ratified, by the board of directors, a committee or the stockholders.
|
The OBCA requires that a director or officer of a corporation who is: (i) a party to a material contract or transaction or proposed material contract or transaction with the Company; or (ii) a director or an
officer of, or has a material interest in, any person who is a party to a material contract to or transaction or proposed material contract or transaction with the Company shall disclose in writing to the Company or request to have entered in
the minutes of meetings of directors the nature and extent of his or her interest. An interested director is prohibited from attending the part of the meeting during which the contract or transaction is discussed and is prohibited from voting
on a resolution to approve the contract or transaction except in specific circumstances, such as a contract or transaction relating primarily to his or her remuneration as a director, a contract or transaction for indemnification or liability
insurance of the director, or a contract or transaction with an affiliate of the Company. If a director or officer has disclosed his or her interest in accordance with the OBCA and the contract or transaction was reasonable and fair to the
Company at the time it was approved, the director or officer is not accountable to the Company or its shareholders for any profit or gain realized from the contract or transaction and the contract or transaction is neither void nor voidable
by reason only of the interest of the director or officer or that the director is present at or is counted to determine the presence of a quorum at the meeting of directors that authorized the contract or transaction.
|
|
The OBCA further provides that even if a director or officer does not disclose his or her interest in accordance with the OBCA, or (in the case of a director) votes in respect of a resolution on a contract or
transaction in which he or she is interested contrary to the OBCA, if the director or officer acted honestly and in good faith and the contract or transaction was reasonable and fair to the Company at the time it was approved, the director or
officer is not accountable to the Company or to its shareholders for any profit or gain realized from the contract or transaction by reason only of his or her holding the office of the director or officer and the contract or transaction is
not by reason only of the director’s or officer’s interest therein void or voidable, if the contract or transaction has been confirmed or approved by the shareholders by special resolution, on the basis of disclosure in reasonable detail of
the nature and extent of the director’s or officer’s interest in the notice of meeting or management information circular.
|
Call and Notice of Stockholder Meetings
|
||
Delaware
|
Ontario
|
|
Under the DGCL, an annual or special stockholder meeting is held on such date, at such time and at such place as may be designated by the board of directors or any other person authorized to call such meeting
under the Company’s certificate of incorporation or bylaws. If an annual meeting for election of directors is not held on the date designated or an action by written consent to elect directors in lieu of an annual meeting has not been taken
within 30 days after the date designated for the annual meeting, or if no date has been designated, for a period of 13 months after the later of the last annual meeting or the last action by written consent to elect directors in lieu of an
annual meeting, the Delaware Court of Chancery may summarily order a meeting to be held upon the application of any stockholder or director.
|
Under the OBCA, the directors of a corporation are required to call an annual meeting of shareholders no later than fifteen months after holding the last preceding annual meeting. Under the OBCA, the directors
of a corporation may call a special meeting at any time. In addition, holders of not less than five percent of the issued shares of a corporation that carry the right to vote at a meeting sought to be held may requisition the directors to
call a meeting of shareholders.
|
Delaware
|
Ontario
|
|
Under the DGCL, a majority of the stockholders of a corporation may act by written consent without a meeting unless such action is prohibited by the Company’s certificate of incorporation.
|
Under the OBCA, a written resolution signed by all the shareholders of a corporation who would have been entitled to vote on the resolution at a meeting is effective to approve the resolution.
|
Stockholder Nominations and Proposals
|
||
Delaware
|
Ontario
|
|
Not applicable.
|
Under the OBCA, a shareholder entitled to vote at a shareholders’ meeting may submit a shareholder proposal relating to matters which the shareholder wishes to propose and discuss at a shareholders’ meeting
and, subject to such shareholder’s compliance with the prescribed time periods and other requirements of the OBCA pertaining to shareholder proposals, the Company is required to include such proposal in the information circular pertaining to
any meeting at which it solicits proxies, subject to certain exceptions. Notice of such a proposal must be provided to the Company at least 60 days before the anniversary date of the last annual shareholders’ meeting, or at least 60 days
before any other meeting at which the matter is proposed to be raised.
|
|
In addition, the OBCA requires that any shareholder proposal that includes nominations for the election of directors must be signed by one or more holders of shares representing in the aggregate not less than
five per cent of the shares or five per cent of the shares of a class or series of shares of the Company entitled to vote at the meeting to which the proposal is to be presented.
|
|
||
Delaware
|
Ontario
|
|
Under the DGCL, quorum for a stock corporation is a majority of the shares entitled to vote at the meeting unless the certificate of incorporation or bylaws specify a different quorum, but in no event may a
quorum be less than one-third of the shares entitled to vote. Unless the DGCL, certificate of incorporation or bylaws provide for a greater vote, generally the required vote under the DGCL is a majority of the shares present in person or
represented by proxy, except for the election of directors which requires a plurality of the votes cast.
|
Under the OBCA, unless the bylaws otherwise provide, the holders of a majority of the shares of an OBCA corporation entitled to vote at a meeting of shareholders, whether present in person or represented by
proxy, constitute a quorum.
|
|
||
Delaware
|
Ontario
|
|
Amendment of Certificate of Incorporation
. Generally, under the DGCL, the affirmative vote of the holders of a majority of the outstanding stock entitled to vote is
required to approve a proposed amendment to the certificate of incorporation, following the adoption of the amendment by the board of directors of the Company, provided that the certificate of incorporation may provide for a greater vote.
Under the DGCL, holders of outstanding shares of a class or series are entitled to vote separately on an amendment to the certificate of incorporation if the amendment would have certain consequences, including changes that adversely affect
the rights and preferences of such class or series.
|
Amendment of Articles
. Under the OBCA, amendments to the articles of incorporation generally require the approval of not less than two-thirds of the votes cast by
shareholders entitled to vote on the resolution.
|
|
Amendment of Bylaws
. Under the DGCL, after a corporation has received any payment for any of its stock, the power to adopt, amend or repeal bylaws shall be vested in the
stockholders entitled to vote; provided, however, that any corporation nay, in its certificate of incorporation, provide that bylaws may be adopted, amended or repealed by the board of directors. The fact that such power has been conferred
upon the board of directors shall not divest the stockholders of the power nor limit their power to adopt, amend or repeal the bylaws.
|
Amendment of Bylaws
. Under the OBCA, the directors may, by resolution, make, amend or repeal any bylaws that regulate the business or affairs of a corporation and they
must submit the bylaw, amendment or repeal to the shareholders at the next meeting of shareholders, and the shareholders may confirm, reject or amend the bylaw, amendment or repeal.
|
|
Votes on Mergers, Consolidations and Sales of Assets
|
||
Delaware
|
Ontario
|
|
The DGCL provides that, unless otherwise provided in the certificate of incorporation or bylaws, the adoption of a merger agreement requires the approval of a majority of the outstanding stock of the Company
entitled to vote thereon.
|
Under the OBCA, the approval of at least two-thirds of votes cast by shareholders entitled to vote on the resolution is required for extraordinary corporate actions. Extraordinary corporate actions include:
amalgamations; continuances; sales, leases or exchanges of all or substantially all of the property of a corporation; liquidations and dissolutions.
|
|
Change of Control Restrictions
|
||
Delaware
|
Ontario
|
|
Unless an issuer opts out of the provisions of Section 203 of the DGCL, Section 203 generally prohibits a public Delaware corporation from engaging in a “business combination” with a holder of 15% or more of
the Company’s voting stock (as defined in Section 203), referred to as an interested stockholder, for a period of three years after the date of the transaction in which the interested stockholder became an interested stockholder, except as
otherwise provided in Section 203. For these purposes, the term “business combination” includes mergers, assets sales and other similar transactions with an interested stockholder.
|
While the OBCA does not contain specific anti- takeover provisions with respect to “business combinations”, roles and policies of certain Canadian securities regulatory authorities, including Multilateral
Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), contain requirements in connection with, among other things, ‘related party transactions” and “business combinations”, including, among other
things, any transaction by which an issuer directly or indirectly engages in the following with a related party: acquires, sells, leases or transfers an asset, acquires the related party, acquires or issues treasury securities, amends the
terms of a security if the security is owned by the related party or assumes or becomes subject to a liability or takes certain other actions with respect to debt.
|
The term “related party” includes directors, senior officers and holders of more than 10% of the voting rights attached to all outstanding voting securities of the issuer or holders of a sufficient number of
any securities of the issuer to materially affect control of the issuer.
|
||
MI 61-101 requires, subject to certain exceptions, the preparation of a formal valuation relating to certain aspects of the transaction and more detailed disclosure in the proxy material sent to security
holders in connection with a related party transaction including related to the valuation. MI 61-101 also requires, subject to certain exceptions, that an issuer not engage in a related party transaction unless the shareholders of the issuer,
other than the related parties, approve the transaction by a simple majority of the votes cast.
|
●
|
Complete and document preclinical live animal (swine) and cadaver studies according to final protocols for FDA submittal;
|
●
|
Submit IDE application to FDA;
|
●
|
Obtain ISO 13485 Certification; and
|
●
|
Receive IDE approval from FDA.
|
●
|
Complete and document human confirmatory studies under IDE protocol for FDA submittal;
|
●
|
Submit Technical File to European Notified Body for CE Mark; and
|
●
|
Submit 510(k) application to FDA.
|
● |
the designation and aggregate number of Warrants;
|
● |
the price at which the Warrants will be offered;
|
● |
the currency or currencies in which the Warrants will be offered;
|
● |
the date on which the right to exercise the Warrants will commence and the date on which the right will expire;
|
● |
the designation, number and terms of the Shares that may be purchased upon exercise of the Warrants, and the procedures that will result in the adjustment of those numbers;
|
● |
the exercise price of the Warrants and any provisions for changes or adjustments in the exercise price;
|
● |
the designation and terms of the Securities, if any, with which the Warrants will be offered, and the number of Warrants that will be offered with each Security;
|
● |
if the Warrants are issued as a Unit with another Security, the date, if any, on and after which the Warrants and the other Security will be separately transferable;
|
● |
any minimum or maximum amount of Warrants that may be exercised at any one time;
|
● |
any terms, procedures and limitations relating to the transferability, exchange or exercise of the Warrants;
|
● |
whether the Warrants will be subject to redemption or call and, if so, the terms of such redemption or call provisions;
|
● |
as applicable, material United States and Canadian federal income tax consequences of owning the Warrants; and
|
● |
any other material terms or conditions of the Warrants.
|
● |
the designation and aggregate number of Units being offered;
|
● |
the price at which the Units will be offered;
|
● |
the designation, number and terms of the Securities comprising the Units and any agreement governing the Units;
|
● |
the date or dates, if any, on or after which the Securities comprising the Units will be transferable separately;
|
● |
whether we will apply to list the Units on any exchange;
|
● |
material income tax consequences of owning the Units, including how the purchase price paid for the Units will be allocated among the Securities comprising the Units; and
|
● |
any other material terms or conditions of the Units.
|
SEC registration fees
|
$
|
15,150
|
||
Nasdaq Listing fees
|
(1
|
)
|
||
TSX Listing fees
|
(1
|
)
|
||
Printing Expenses
|
(1
|
)
|
||
Legal fees and expenses
|
(1
|
)
|
||
Accountants’ fees and expenses
|
(1
|
)
|
||
Transfer agent fees and expenses
|
(1
|
)
|
||
Miscellaneous
|
(1
|
)
|
||
Total
|
$ |
(1)
|
To be provided by a Prospectus Supplement, or as an exhibit to a Report on Form 6-K that is incorporated by reference into this Prospectus.
|
Exhibit
Number
|
|
Description
|
1.1*
|
|
Form of Underwriting Agreement for Shares, Warrants and/or Units
|
|
||
|
||
|
||
|
||
4.2*
|
|
Form of Subscription Agreement
|
4.3*
|
|
Form of Warrant Agreement
|
4.4*
|
|
Form of Warrant Indenture
|
4.5*
|
|
Form of Warrant Certificate
|
4.6*
|
|
Form of Unit Agreement
|
|
||
|
||
|
||
|
(1)
|
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
|
|
(i)
|
To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
|
|
(ii)
|
To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not
exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the
changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and
|
|
(iii)
|
To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;
|
|
(2)
|
That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
|
|
(3)
|
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
|
|
(4)
|
To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous offering.
Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act of 1933 need not be furnished, provided, that the registrant includes in the prospectus, by means of a post-effective amendment, financial
statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, with
respect to registration statements on Form F-3, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Securities Act of 1933 or Rule 3-19 of Regulation S-X if such
financial statements and information are contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by
reference in the Form F-3.
|
|
(5)
|
That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:
|
|
(i)
|
Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the
registration statement; and
|
|
(ii)
|
Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii),
or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is
first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an
underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated
by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the
registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.
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(6)
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That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:
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(i)
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Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;
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(ii)
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Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;
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(iii)
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The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned
registrant; and
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(iv)
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Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
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(b)
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The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant’s annual report pursuant to Section 13(a) or 15(d) of
the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
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(c)
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The undersigned registrant hereby undertakes to supplement the prospectus, after the expiration of the subscription period, to set forth the results of the subscription offer, the transactions by the
underwriters during the subscription period, the amount of unsubscribed securities to be purchased by the underwriters, and the terms of any subsequent reoffering thereof. If any public offering by the underwriters is to be made on terms
differing from those set forth on the cover page of the prospectus, a post-effective amendment will be filed to set forth the terms of such offering.
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(d)
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Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or
otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit
to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.
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TITAN MEDICAL INC.
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By:
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/s/ Stephen Randall
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Stephen Randall
Chief Financial Officer
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Signature | Capacity | Date | ||
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||||
/s/ David McNally
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President, Chief Executive Officer (Principal
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30-Jul-19 | ||
David McNally
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Executive Officer) and Director | |||
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||||
/s/ Stephen Randall
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Chief Financial Officer (Principal Financial
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30-Jul-19
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Stephen Randall
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and Accounting Officer) and Director | |||
/s/ Charles W. Federico
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||||
Charles W. Federico
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Director and Chairman
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30-Jul-19
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/s/ John E. Schellhorn
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||||
John E. Schellhorn
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Director
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30-Jul-19
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/s/ John. E. Barker
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John E. Barker
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Director
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30-Jul-19
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/s/ Domenic Serafino
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Domenic Serafino
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Director | 30-Jul-19 |
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By:
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/s/ David McNally | |
Name: | David McNally | ||
Title: | Chief Executive Officer | ||
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Exhibit 3.3
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A by-law relating generally to the transaction of the business and affairs
of
TITAN MEDICAL INC.
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Section 1
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-
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Interpretation
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Section 2
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-
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Business of the Corporation
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Section 3
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-
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Borrowing and Securities
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Section 4
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-
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Directors
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Section 5
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-
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Delegation
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Section 6
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-
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Officers
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Section 7
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-
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Protection of Directors, Officers and Others
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Section 8
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-
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Shares
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Section 9
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-
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Dividends and Rights
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Section 10
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-
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Meetings of Shareholders
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Section 11
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-
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Notices
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Section 12
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-
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Effective Date
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1.
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INTERPRETATION
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(i)
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in the case of a shareholder, that person's address as recorded in the securities register;
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(ii)
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in the case of joint shareholders, the address appearing in the securities register in respect of such joint holding or the first address so appearing if there are more than one; and
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(iii)
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in the case of a director, officer, auditor or member of a committee of the Board, that individual's latest address as recorded in the records of the Corporation;
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(a)
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an otherwise lawful written agreement among all the shareholders of the Corporation, or among all the shareholders and one or more persons who are not shareholders, that restricts, in whole or in part, the
powers of the directors to manage, or supervise the management of, the business and affairs of the Corporation, as amended, supplemented, restated and replaced from time to time in accordance with its provisions; or
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(b)
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a written declaration made by a person who is the beneficial owner of all of the issued shares of the Corporation that restricts in whole or in part, the powers of the directors to manage, or supervise the
management of, the business and affairs of the Corporation, as amended, supplemented, restated and replaced from time to time in accordance with its provisions.
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3.1.1
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borrow money on the credit of the Corporation;
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(a)
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issue, reissue, sell, pledge or hypothecate bonds, debentures, notes or other evidences of indebtedness of the Corporation, whether secured or unsecured;
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(b)
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give a guarantee on behalf of the Corporation to secure performance of any present or future indebtedness, liability or obligation of any person; and
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(c)
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mortgage, hypothecate, pledge or otherwise create a security interest in all or any currently owned or subsequently acquired real or personal, movable or
immovable, property of the Corporation including book debts, rights, powers, franchises and undertakings, to secure any such bonds, debentures, notes or other evidences of indebtedness or guarantee or any other present or future
indebtedness, liability or obligation of the Corporation.
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4.2.1
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if the person is less than 18 years of age;
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4.2.2
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if the person has been found under the
Substitute Decisions Act
, 1992
(Ontario) or under the
Mental Health Act
(Ontario) to be incapable of managing property or who has been found to be incapable by a court in Canada
or elsewhere;
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4.2.3
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if the person is not an individual; or
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4.2.4
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if the person has the status of a bankrupt.
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4.6.1
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an increase in the number of directors, unless the directors are authorized to determine the number of directors and the appointment of an additional
director would not result in a total number of directors greater than one and one-third times the number of directors required to have been elected at the last annual meeting of shareholders;
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4.6.2
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an increase in the maximum number of directors; or
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4.6.3
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a failure of the shareholders to elect the number of directors required to be elected at any meeting of shareholders.
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4.18.1 |
is a party to; or
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4.18.2 |
is a director or an officer of, or has a material interest in, any person who is a party to;
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(a) |
by or at the discretion of the Board or an authorized officer of the Corporation, including pursuant to a notice of meeting;
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(b) |
by or at the direction or request of one or more shareholders pursuant to a proposal made in accordance with the provisions of the Act or a requisition to call a shareholders
meeting made in accordance with the provisions of the Act; or
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(c) |
by any person (a “
Nominating Shareholder
”) who, (i) at the close of business on the date of the giving of the notice provided for below in
this Section 4.20 and on the record date for notice of such meeting, is entered in the securities register as a holder of one or more shares carrying the right to vote at such meeting or who beneficially owns shares that are entitled
to be voted at such meeting, and (ii) complies with the notice procedures set forth below in this Section 4.20.
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(a) |
in the case of an annual general meeting of shareholders, not less than 30 nor more than 65 days prior to the date of the annual general meeting of shareholders; provided,
however, that in the event that the annual general meeting of shareholders is to be held on a date that is less than 40 days after the date on which the initial Public Announcement (as defined below) of the date of the annual general
meeting of shareholders was made, notice by the Nominating Shareholder may be made not later than the close of business on the 10th day following such Public Announcement; and
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(b) |
in the case of a special meeting of shareholders that is not also an annual general meeting but is called for the purpose of electing directors of the Corporation (whether or not
called for other purposes), not later than the close of business on the 15th day following the day on which the initial Public Announcement of the special meeting of shareholders was made.
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(a) |
as to each individual whom the Nominating Shareholder proposes to nominate for election as a director:
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(i) |
his or her name, age, business address and residence address;
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(ii) |
his or her principal occupation or employment;
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(iii) |
the class or series and number of shares in the capital of the Corporation which are controlled or over which direction is exercised, directly or indirectly, or which are owned
beneficially or of record by him or her as of the record date for the meeting of shareholders (if such date shall then have been made publicly available by the Corporation and shall have occurred) and as of the date of such notice;
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(iv) |
a statement as to whether he or she would be “independent” of the Corporation (within the meaning of Sections 1.4 and 1.5 of National Instrument 52-110 – Audit Committees of the
Canadian Securities Administrators, as such provisions may amended from time to time) if elected as a director of the Corporation at such meeting and the reasons and basis for such determination; and
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(v) |
any other information relating to him or her that would be required to be disclosed in a dissident’s proxy circular in connection with solicitations of proxies for election of
directors pursuant to the Act and Applicable Securities Laws (as defined below); and
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(b) |
as to the Nominating Shareholder giving the notice:
|
|
(i) |
any proxy, contract, arrangement, understanding or relationship pursuant to which such Nominating Shareholder has the right to vote any shares in the capital of the Corporation;
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(ii) |
any other information relating to such Nominating Shareholder that would be required to be made in a dissident’s proxy circular in connection with solicitations of proxies for
election of directors pursuant to the Act and Applicable Securities Laws; and
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(iii) |
the class or series and number of shares in the capital of the Corporation which are controlled or over which direction is exercised, directly or indirectly, or which are owned
beneficially or of record by the Nominating Shareholder as of the record date for the meeting of shareholders (if such date shall then have been made publicly available by the Corporation and shall have occurred) and as of the date of
such notice.
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(a) |
“Applicable Securities Laws” means the applicable securities legislation of each relevant province and territory of Canada, as amended from time to time, the rules, regulations
and forms made or promulgated under any such statute and the published national instruments, multilateral instruments, policies, statements, bulletins and notices of the securities commission and similar regulatory authority of each
province and territory of Canada; and
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(b) |
“Public Announcement” shall mean disclosure in a press release reported by a national news service in Canada, or in a document publicly filed by the Corporation under its profile
on the System of Electronic Document Analysis and Retrieval at www.sedar.com.
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6.12.1
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is a party to; or
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6.12.2
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is an officer of, or has a material interest in, any person who is a party to;
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7.2.1
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the individual acted honestly and in good faith with a view to the best interests of the Corporation or, as the case may be, to the best interest of the other entity for which the individual acted as a
director or officer or in a similar capacity at the Corporation's request; and
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7.2.2
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in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the person had reasonable grounds for believing that the individual's conduct was lawful.
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(Signed) “John Hargrove”
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(Signed) “Stephen Randall”
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John Hargrove
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Stephen Randall
|
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Chairman
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Secretary
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Exhibit 4.1
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Until the earlier of the Separation Time or the Expiration Time (as such terms are defined in the Rights Agreement referred to below), this certificate also evidences and entitles the holder hereof to certain Rights as set forth in a Rights Agreement dated as of May 8, 2015 (the "Rights Agreement"), between Titan Medical Inc. (the "Corporation") and Computershare Trust Company of Canada, as Rights Agent, the terms of which are hereby incorporated herein by reference and a copy of which is on file and may be inspected during normal business hours at the principal executive offices of the Corporation. Under certain circumstances, as set forth in the Rights Agreement, such Rights may be amended or redeemed, may expire, may become void, or may be evidenced by separate certificates and may no longer be evidenced by this certificate. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days after the receipt of a written request therefor.
|
Borden Ladner Gervais LLP
Bay Adelaide Centre, East Tower
22 Adelaide Street West
Toronto, ON, Canada M5H 4E3
T 416.367.6000
F 416.367.6749
blg.com
|
•
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common shares (“
Shares
”),
|
•
|
warrants to purchase Shares (the “
Warrants
”) which may be issued under a warrant indenture to be entered into with a warrant agent to be selected by the Corporation,
or
|
•
|
units comprised of a combination of Shares and whole or partial Warrants
(“
Units
”),
|
1.
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With respect to the issuance of any Shares, including without limitation Shares issuable upon conversion or exercise of any other Securities that are convertible or exercisable into Shares, which may be
offered pursuant to the Registration Statement, when (a) the issuance and sale of the Shares has been duly authorized by all necessary corporate action in conformity with the constating documents (as then in effect), and the
Business Corporations Act
(Ontario) (the “
OBCA
”) (as then in effect), and does not violate any Applicable Law or result in a default under or breach of any
agreement or instrument binding upon the Corporation and comply with any requirement or restriction imposed by any court or governmental body of Canada or Ontario having jurisdiction over the Corporation; (b) the full consideration,
determined to be adequate by the Corporation’s board of directors (or a duly authorized committee thereto), which is at least equal to the issue price of the Shares, has been received by the Corporation; and (c) if certificated, the
certificates representing the Shares have been duly executed and delivered by the proper officers of the Corporation to the purchasers thereof against payment of the agreed-upon consideration therefor in the manner contemplated in the
Registration Statement or any Prospectus Supplement relating thereto, the Shares will be validly issued, fully paid, and non-assessable.
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2.
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With respect to any Warrants which may be offered pursuant to the Registration Statement, when (a) the terms, issuance, and sale of, and performance under the Warrants, the underlying Shares, and the
Applicable Agreement relating to the Warrants have been duly authorized by all necessary corporate action, including the authorization of the issuance and reservation (if appropriate) of the Shares to be issued pursuant to the Warrants,
in conformity with the constating documents (as then in effect), and the OBCA (as then in effect), and do not violate any Applicable Law or result in a default under or breach of any agreement or instrument binding upon the Corporation
and comply with any requirement or restriction imposed by any court or governmental body of Canada or Ontario having jurisdiction over the Corporation; (b) the full consideration, determined to be adequate by the Corporation’s board of
directors (or a duly authorized committee thereto), for the Warrants has been received by the Corporation; (c) the Warrants have been duly executed, countersigned, issued, and delivered in accordance with the Applicable Agreement relating
to the Warrants to the purchasers thereof against payment of the agreed-upon consideration therefor in the manner contemplated in the Registration Statement or any Prospectus Supplement relating thereto; and (d) the Applicable Agreement
relating to the Warrants and the underlying Shares have been duly authorized, executed, and delivered and the Applicable Agreement relating to the Warrants has been duly authorized by the Corporation’s board of directors (or a duly
authorized committee thereto), such Warrants will be validly issued, fully paid and non-assessable Securities of the Corporation, and the Warrants along with the Applicable Agreement relating to the Warrants will be a valid and binding
obligation of the Corporation; enforceable against the Corporation in accordance with its terms, except to the extent that enforcement thereof may be limited by (i) bankruptcy, insolvency, reorganization, fraudulent conveyance,
moratorium, or other similar laws now or hereafter in effect relating to creditors’ rights generally, (ii) general principles of equity (regardless of whether enforceability is considered in a proceeding at law or in equity), and (iii)
public policy considerations which may limit the rights of the parties to obtain further remedies.
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3.
|
With respect to any Units which may be offered pursuant to the Registration Statement, when (a) the terms, issuance and sale of, and performance under the Units, the Securities underlying the Units and the
Applicable Agreement relating to the Units have been duly authorized by all necessary corporate action, including the authorization of the issuance and reservation (if appropriate) of the Shares or Warrants to be issued pursuant to the
Units, in conformity with the constating documents (as then in effect), and the OBCA (as then in effect), and do not violate any Applicable Law or result in a default under or breach of any agreement or instrument binding upon the
Corporation and comply with any requirement or restriction imposed by any court or governmental body of Canada or Ontario having jurisdiction over the Corporation; (b) the full consideration, determined to be adequate by the Corporation’s
board of directors (or a duly authorized committee thereto), for the Units has been received by the Corporation; (c) the Units have been duly executed, countersigned, issued, and delivered in accordance with the Applicable Agreement
relating to the Units to the purchasers thereof against payment of the agreed-upon consideration therefor in the manner contemplated in the Registration Statement or any Prospectus Supplement relating thereto; (d) the Applicable Agreement
relating to the Units and the underlying Securities have been duly authorized, executed, and delivered and the Applicable Agreement relating to the Units has been duly authorized by the Corporation’s board of directors (or a duly
authorized committee thereto), such Units will be validly issued, fully paid and non-assessable Securities of the Corporation, and the Applicable Agreement relating to the Units will be a valid and binding obligation of the Corporation;
enforceable against the Corporation in accordance with its terms, except to the extent that enforcement thereof may be limited by (i) bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium, or other similar laws now or
hereafter in effect relating to creditors’ rights generally, (ii) general principles of equity (regardless of whether enforceability is considered in a proceeding at law or in equity), and (iii) public policy considerations which may
limit the rights of the parties to obtain further remedies.
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Exhibit 23.2
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