/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
ST.
JOHN'S, NL, Oct. 2, 2024
/CNW/ - Kraken Robotics Inc. ("Kraken" or the
"Company") (TSXV: PNG) (OTCQB: KRKNF) is pleased to
announce that it has amended its agreement with Cormark Securities
Inc. to increase the size of its previously announced $25 million "bought deal" public offering to
$45 million. Pursuant to the upsized
deal terms, Cormark Securities Inc., as lead underwriter, together
with a syndicate of investment dealers (the "Underwriters")
has agreed to purchase 28,125,000 common shares (the "Common
Shares") from the treasury of the Company, at a price of
$1.60 per Common Share (the
"Offering Price") and offer them to the public by way of
short form prospectus for total gross proceeds of $45 million (the "Offering").
The Company has granted the Underwriters an option (the
"Over-Allotment Option") to purchase up to an additional
15.0% of the Common Shares of the Offering on the same terms
exercisable at any time up to 30 days following the closing of the
Offering, for market stabilization purposes and to cover
over-allotments, if any.
Kraken expects the net proceeds of the Offering will be used to
advance the Company's long-term strategy, including: (1) investing
in expanded facilities and increased manufacturing capacity; (2)
providing flexibility to take advantage of opportunities for
accretive acquisitions of complementary technologies and
businesses; (3) increasing the Company's attractiveness as a stable
and reliable long-term supplier; (4) strengthening the Company's
balance sheet to provide additional working capital to meet
customer requirements in connection with potential additional large
orders, as well as new program and contract opportunities; and (5)
for general corporate purposes.
Closing of the Offering is expected to occur on or
about October 22, 2024, and is subject to regulatory
approval including that of the TSX Venture Exchange.
The Common Shares to be issued under the Offering will be
offered by way of a short form prospectus in each of the Provinces
of Canada, except Quebec, and may be offered in the
United States on a private placement basis pursuant to an
exemption from the registration requirements of the United
States Securities Act of 1933, as amended, and applicable state
securities laws, and certain other jurisdictions outside
of Canada and the United
States.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. This press release
does not constitute an offer of securities for sale in the
United States.
ABOUT KRAKEN ROBOTICS INC.
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.
LINKS:
www.krakenrobotics.com
SOCIAL MEDIA:
LinkedIn
www.linkedin.com/company/krakenrobotics
Twitter www.twitter.com/krakenrobotics
Facebook www.facebook.com/krakenroboticsinc
YouTube
www.youtube.com/channel/UCEMyaMQnneTeIr71HYgrT2A
Instagram www.instagram.com/krakenrobotics
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, completion of the Offering, use of the net
proceeds of the Offering, the Company's business objectives,
expected growth, performance, business projects and opportunities.
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 Provider (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.
SOURCE Kraken Robotics Inc.