ST. JOHN’S, NEWFOUNDLAND AND LABRADOR–(Marketwired – April 11, 2017) Kraken Sonar Inc. (TSX VENTURE:PNG) (“Kraken” or the “Company”) is pleased to announce that effective April 11, 2017, it has closed a non-brokered private placement offering (the “Offering”) comprised of 11,806,660 units (the “Units”) at a purchase price of $0.18 per Unit for aggregate gross proceeds of $2,125,199. Each Unit consisted 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. In connection with the Offering, the Company paid cash finder’s fees of $12,600 and issued 191,333 finders warrants. Each finders warrant is exercisable to acquire one common share of Kraken at $0.18 for a period of 24 months from the date of issue. All proceeds raised from the sale of the Units will be used by Kraken for the build of additional inventory for customer sea trials and general corporate and working capital purposes.
The securities issued pursuant to the Offering and are subject to a four-month statutory hold period commencing from the date of issuance. The Offering is subject to TSX Venture Exchange acceptance of requisite regulatory filings.
“We are very pleased with the interest from investors in Kraken’s future as indicated by the oversubscription of the private placement,” said Karl Kenny, President and CEO of Kraken. “The financing provides additional funds to build inventory for customer evaluations, enhance business development and increase our international distribution.”
“Kraken recently exhibited at the Ocean Business conference in the UK and it was perhaps the best trade show we have attended to date. Significant interest was shown in our new SeaVision™ 3D underwater laser imaging system; the AquaPix® Synthetic Aperture Sonar, our KATFISH™ high speed towed SAS system as well as our new underwater robotic products. We will be following up with many international agents and distributors who want to represent our products in their countries. We expect to see increased revenue resulting from these new sales channels.”
ABOUT KRAKEN SONAR INC.
Kraken Sonar Inc. (TSX VENTURE: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
Chief Financial Officer
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