/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
ST.
JOHN'S, NL, April
25, 2024 /CNW/ - Kraken Robotics Inc. ("Kraken" or
the "Company") (TSXV: PNG) (OTCQB: KRKNF) announces that it
has entered into an agreement with a syndicate of investment
dealers led by Cormark Securities Inc. (the "Underwriters")
pursuant to which the Underwriters have agreed to purchase
18,422,000 common shares (the "Common Shares") from the
treasury of the Company, at a price of $0.95 per Common
Share (the "Offering Price") and offer them to the public by
way of short form prospectus for total gross proceeds
of $17,500,900 (the "Offering").
The Company has granted the Underwriters an option (the
"Over-Allotment Option") to purchase up to an additional
15.0% of the Common Shares of the Offering on the same terms
exercisable at any time up to 30 days following the closing of the
Offering, for market stabilization purposes and to cover
over-allotments, if any.
Kraken expects to use the net proceeds to facilitate its long
term strategy, including potential investment in facilities,
expanding manufacturing capacity, anticipated working capital for
expansion of sole-source/single award programs and high probability
pipeline opportunities, further strengthen the Company's balance
sheet in anticipation of upcoming customer and partners decisions
and source selection on additional large, new program and contract
opportunities, and for general corporate purposes.
Closing of the Offering is expected to occur on or
about May 16, 2024, and is subject to regulatory approval
including that of the TSX Venture Exchange.
The Common Shares to be issued under the Offering will be
offered by way of a short form prospectus in each of the Provinces
of Canada, except Quebec, and may be offered in the
United States on a private placement basis pursuant to an
exemption from the registration requirements of the United
States Securities Act of 1933, as amended, and applicable state
securities laws, and certain other jurisdictions outside
of Canada and the United
States.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. This press release
does not constitute an offer of securities for sale in the
United States. The securities
being offered have not been, nor will they be, registered under
the United States Securities Act of 1933, as amended,
and such securities may not be offered or sold within the
United States absent registration under U.S. federal and state
securities laws or an applicable exemption from such U.S.
registration requirements.
ABOUT KRAKEN ROBOTICS
INC.
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a
marine technology company providing complex subsea sensors,
batteries, and robotic systems. Our high-resolution 3D acoustic
imaging solutions and services enable clients to overcome the
challenges in our oceans - safely, efficiently, and
sustainably. Kraken Robotics is headquartered in Canada and has offices in North and
South America and Europe. Kraken is ranked as a Top 100 marine
technology company by Marine Technology Reporter.
LINKS:
www.krakenrobotics.com
SOCIAL MEDIA:
LinkedIn
www.linkedin.com/company/krakenrobotics
Twitter www.twitter.com/krakenrobotics
Facebook www.facebook.com/krakenroboticsinc
YouTube
www.youtube.com/channel/UCEMyaMQnneTeIr71HYgrT2A
Instagram www.instagram.com/krakenrobotics
Certain information in this news release constitutes
forward-looking statements. When used in this news release, the
words "may", "would", "could", "will", "intend", "plan",
"anticipate", "believe", "seek", "propose", "estimate", "expect",
and similar expressions, as they relate to the Company, are
intended to identify forward-looking statements. In particular,
this news release contains forward-looking statements with respect
to, among other things, business objectives, expected growth,
results of operations, performance, business projects and
opportunities and financial results. These statements involve known
and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking statements. Such statements
reflect the Company's current views with respect to future events
based on certain material factors and assumptions and are subject
to certain risks and uncertainties, including without limitation,
changes in market, competition, governmental or regulatory
developments, general economic conditions and other factors set out
in the Company's public disclosure documents. Many factors could
cause the Company's actual results, performance or achievements to
vary from those described in this news release, including without
limitation those listed above. These factors should not be
construed as exhaustive. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying
forward-looking statements prove incorrect, actual results may vary
materially from those described in this news release and such
forward-looking statements included in, or incorporated by
reference in this news release, should not be unduly relied upon.
Such statements speak only as of the date of this news release. The
Company does not intend, and does not assume any obligation, to
update these forward-looking statements. The forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement.
Neither the TSX Venture Exchange Inc. nor its Regulation
Services Provide (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release, and the OTCQB has neither approved nor
disapproved the contents of this press release.
SOURCE Kraken Robotics Inc.