ST. JOHN’S, NEWFOUNDLAND – JULY 19, 2016— Kraken Sonar Inc. (TSX-V: PNG) (“Kraken” or the “Company”) is pleased to announce that it is undertaking a non-brokered private placement offering for aggregate gross proceeds of up to CDN$1 million (the “Offering”) and is also pleased to provide an update regarding the business and operations of the Company and its wholly-owned subsidiary, Kraken Sonar Systems Inc. FINANCING Pursuant to the Offering, the Company will issue an aggregate of up to 6,666,667 units (the “Units”) at a price of $0.15 per Unit for aggregate gross proceeds of up to CDN$1 million. Each Unit will consist of one common share of the Company (each, a “Share”) and one-half of one common share purchase warrant (each full warrant, a “Warrant”). Each Warrant shall entitle the holder thereof to acquire one Share at a price of CDN$0.30 for a period of two years from closing of the…
Kraken Robotics is a marine technology company engaged in the design and sale of advanced sonar and optical sensors for underwater vehicles used in military and commercial applications. We are recognized as world leading innovators of SAS, a revolutionary underwater imaging technology that provides ultra-high resolution seabed imagery. In addition, we have developed our own underwater vehicles which offer a highly integrated underwater offering with a strong price/performance value proposition.
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