Kraken Robotics Completes $20 Million Bought Deal Equity Financing
May 21 2024 - 11:35AM
Kraken Robotics Inc. (“
Kraken” or the
“
Company”) (TSXV: PNG) is pleased to announce
today that it has closed its previously announced “bought deal”
short form prospectus offering (the “
Offering”) of
common shares of the Company (“
Common Shares”). A
total of 21,185,300 Common Shares were sold at a price of $0.95 per
Common Share for gross proceeds of $20,126,035, inclusive of the
full exercise of the over-allotment option by the Underwriters (as
defined below).
The Offering was led by Cormark Securities Inc.
as lead underwriter, on behalf of a syndicate of underwriters
including Beacon Securities Limited, Canaccord Genuity Corp.,
Echelon Wealth Partners Inc. and Raymond James Ltd. (the
“Underwriters”). The Underwriters received a cash
commission equal to 6.0% of the gross proceeds of the Offering.
The net proceeds from the Offering are expected
to be used by the Company (i) 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; (ii) to 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 (iii) for general corporate purposes.
The Offering is subject to TSX Venture
Exchange’s (“TSXV”) final acceptance of requisite
regulatory filings.
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
For further information please contact:
Joe MacKay, Chief Financial Officer(416)
303-0605jmackay@krakenrobotics.com
Sean PeasgoodInvestor Relations (647) 955-1274
sean@sophiccapital.com
Forward-Looking Information
This news release may contain “forward-looking
information” and “forward-looking statements” within the meaning of
applicable Canadian securities legislation. All information
contained herein that is not historical in nature may constitute
forward-looking information. Forward-looking statements herein
include but are not limited to statements regarding the final
acceptance of the TSXV and the expected use of the net Offering
proceeds, and are necessarily based upon a number of assumptions
that, while considered reasonable by management, are inherently
subject to business, market and economic risks, uncertainties and
contingencies that may cause actual results, performance or
achievements to be materially different from those expressed or
implied by forward-looking statements. Except as required by law,
the Company disclaims any obligation to update or revise any
forward-looking statements. Readers are cautioned not to put undue
reliance on these forward-looking statements.
Neither the TSXV nor its Regulation
Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this
press release, and the OTCQB has neither approved
nor disapproved the contents of this press release.
The securities offered pursuant to the Offering
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 U.S. state securities laws, and may not be
offered or sold in the United States unless registered under the
U.S. Securities Act and applicable state securities laws or
pursuant to exemptions from the registration requirements of the
U.S. Securities Act and applicable state securities laws. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in the United States,
nor shall there be any sale of these securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful.
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