ST. JOHN’S, NEWFOUNDLAND and BREMEN, GERMANY – (Marketwired – 10 April 2017) – Kraken Sonar Inc. (TSX-V: PNG) (“Kraken” or the “Company”) is pleased to announce that due to demand from investors, it has increased the size of the previously announced non-brokered private placement of units (the “Units”) of the Company from C$2,000,000 to C$2,150,000 (the “Increased Offering”). Under the Increased Offering the Company may issue up to 11,944,444 units (the “Units”) at a purchase price of $0.18 per Unit. Each Unit consists of one common share and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”), with each Warrant exercisable to acquire one common share of Kraken at $0.30 for a period of 24 months from the date of issuance. The Company intends to use the net proceeds from the Increased Offering for the build of additional inventory for customer trials and general corporate and working capital purposes.
The closing of the Increased Offering is expected to occur on or about April 11, 2017 and is subject to receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange. The Units, including all underlying securities thereof, and any finders warrants issued with respect to the Increased Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws.
ABOUT KRAKEN SONAR INC.
Kraken Sonar Inc. (TSX.V:PNG) 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.krakensonar.com and www.krakenrobotik.de
For further information, please contact:
Sean Peasgood, Investor Relations
(416) 565-2805
sean@sophiccapital.com
Stephen Harpur, Investor Relations
(604) 306-6142
steve@harpurinc.com
Greg Reid, Chief Financial Officer
(416) 818-9822
greid@krakensonar.com
Glenda Leyte, Marketing Manager
(709) 757-5757 extension 288
gleyte@krakensonar.com
ST. JOHN’S, NEWFOUNDLAND and BREMEN, GERMANY – (Marketwired – 10 April 2017) – Kraken Sonar Inc. (TSX-V: PNG) (“Kraken” or the “Company“) is pleased to announce that due to demand from investors, it has increased the size of the previously announced non-brokered private placement of units (the “Units“) of the Company from C$2,000,000 to C$2,150,000 (the “Increased Offering”). Under the Increased Offering the Company may issue up to 11,944,444 units (the “Units“) at a purchase price of $0.18 per Unit. Each Unit consists of one common share and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant“), with each Warrant exercisable to acquire one common share of Kraken at $0.30 for a period of 24 months from the date of issuance. The Company intends to use the net proceeds from the Increased Offering for the build of additional inventory for customer trials and general corporate and working capital purposes.
The closing of the Increased Offering is expected to occur on or about April 11, 2017 and is subject to receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange. The Units, including all underlying securities thereof, and any finders warrants issued with respect to the Increased Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws.
ABOUT KRAKEN SONAR INC.
Kraken Sonar Inc. (TSX.V:PNG) 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.krakensonar.com and www.krakenrobotik.de
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