TORONTO, Oct. 1, 2020 /CNW/ – Kraken Robotics Inc. (“Kraken” or the “Company“) (TSXV: PNG) is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. (the “Lead Underwriter“) on behalf of a syndicate of underwriters (the “Underwriters“) pursuant to which the Underwriters have agreed to purchase, on a “bought deal” basis, 15,000,000 common shares (the “Common Shares“) of the Company at a price of $0.67 per Common Share (the “Offering Price“) for aggregate gross proceeds of $10,050,000 to the Company (the “Offering“).
The Company has also granted the Underwriters an over-allotment option to purchase up to an additional 2,250,000 Common Shares at the Offering Price, exercisable in whole or in part at any time for a period of 30 days from the closing date of the Offering. If the over-allotment option is exercised in full, the aggregate gross proceeds of the Offering will be $11,557,500.
The Company intends to use the net proceeds from the Offering to accelerate its Robotics as a Service recurring revenue model, for leasehold improvements, capital expenditures, parts and inventory, future acquisitions and for general corporate and working capital purposes.
The Common Shares will be offered: (a) by way of a short form prospectus to be filed in each of the provinces of Canada, other than Québec and elsewhere on a private placement basis in sales exempt from applicable prospectus and/or registration requirements.
The Offering is expected to close on or about October 26, 2020, or such other date as may be agreed upon by the Company and the Underwriters, and is subject to customary closing conditions, including required approvals of the TSX Venture Exchange (“TSXV“).
The securities offered pursuant to the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any U.S. state securities laws, and may not be offered or sold in the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company dedicated to the production and sale of software-centric sensors, subsea batteries and thrusters and underwater robotic systems. The company is headquartered in St. John’s, Newfoundland with offices in Dartmouth, Nova Scotia; Toronto, Ontario; Bremen & Rostock, Germany; and Boston, Massachusetts. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter. 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.