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ST. JOHN’S, NEWFOUNDLAND – 27 FEBRUARY 2018 /GLOBE NEWSWIRE/ – Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF) (“Kraken” or the “Company”), is pleased to announce that effective February 26, 2018, it has completed a non-brokered private placement offering for gross proceeds of $1,499,999.90 (the “Offering”). Pursuant to the Offering, the Company issued 10,714,285 common shares (the “Shares”) at a price of $0.14 per Share. There were no warrants issued as part of this offering. In connection with the Offering, the Company issued 9,000 finders shares. Kraken insiders, employees, and family members, along with Ms. Elizabeth Hayden-Kenny acquired 1,664,506 shares in the Offering or approximately 16% of the total.
Kraken will use the net proceeds of the Offering to build inventory for customer trials and general corporate and working capital purposes. All shares issued under the Offering are subject to a four-month statutory hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The Offering is subject to TSX Venture Exchange acceptance of requisite regulatory filings.
Karl Kenny, Kraken’s President and CEO commented on the opportunities that this additional capital provides for the Company. “We are very gratified by the successful closing of this financing. With an improved balance sheet, increasing customer and industry validation and shareholder support, we will continue to execute our expansion plans by building additional inventory for customer evaluations and sea trials during 2018.”
About Kraken Robotics Inc.
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company, founded in 2012, that is dedicated to the production and sale of software-centric sensors and underwater robotic systems. The company is headquartered in St. John’s, Newfoundland with offices in Dartmouth, Nova Scotia; Bremen, Germany; and Fairfax, Virginia. For more information, please visit www.krakenrobotics.com, www.krakenrobotik.de, www.krakenpower.de. Find us on social media on Twitter (@krakenrobotics), Facebook (@krakenroboticsinc), and LinkedIn.
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.
Greg Reid, Chief Financial Officer
Sean Peasgood, Investor Relations
Glenda Leyte, Marketing Manager
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