Kraken closes $10M financing

Kraken closes $10M financing
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ST. JOHN’S – Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) closed its previously announced “bought deal”. A total of 20,000,000 units were sold at a price of $0.50 per unit for gross proceeds of $10,000,000.

The company expects to use the net proceeds to fund a portion of the acquisition of PGH Capital Inc. and its subsidiaries, PanGeo Subsea Inc. and PanGeo Subsea Scotland Limited, and for general working capital for Kraken to strengthen its balance sheet and provide flexibility to position the company for future growth.

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 Newfoundland with offices in Canada, U.S., Germany, Denmark, and Brazil. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter.

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