Toronto, ON – May 21, 2024 – Kraken Robotics Inc. (“Kraken” or the “Company”) (TSXV: PNG) is pleased to announce today that it has closed its previously announced “bought deal” short form prospectus offering (the “Offering”) of common shares of the Company (“Common Shares”). A total of 21,185,300 Common Shares were sold at a price of $0.95 per Common Share for gross proceeds of $20,126,035, inclusive of the full exercise of the over-allotment option by the Underwriters (as defined below).

The Offering was led by Cormark Securities Inc. as lead underwriter, on behalf of a syndicate of underwriters including Beacon Securities Limited, Canaccord Genuity Corp., Echelon Wealth Partners Inc. and Raymond James Ltd. (the “Underwriters”). The Underwriters received a cash commission equal to 6.0% of the gross proceeds of the Offering.

The net proceeds from the Offering are expected to be used by the Company (i) to facilitate its long term strategy, including potential investment in facilities, expanding manufacturing capacity, anticipated working capital for expansion of sole-source/single award programs and high probability pipeline opportunities; (ii) to further strengthen the Company’s balance sheet in anticipation of upcoming customer and partners decisions and source selection on additional large, new program and contract opportunities; and (iii) for general corporate purposes.

The Offering is subject to TSX Venture Exchange’s (“TSXV”) final acceptance of requisite regulatory filings.



Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company providing complex subsea sensors, batteries, and robotic systems. Our high-resolution 3D acoustic imaging solutions and services enable clients to overcome the challenges in our oceans – safely, efficiently, and sustainably. Kraken Robotics is headquartered in Canada and has offices in North and South America and Europe. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter.











For further information please contact:

Joe MacKay, Chief Financial Officer
(416) 303-0605

Sean Peasgood, Investor Relations
(647) 955-1274


Forward-Looking Information

This news release may contain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements herein include but are not limited to statements regarding the final acceptance of the TSXV and the expected use of the net Offering proceeds, and are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to put undue reliance on these forward-looking statements.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release, and the OTCQB has neither approved nor disapproved the contents of this press release.

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.