Kraken Announces Private Placement and Provides Business Update

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…

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