Kraken Robotics closes $1.07 million private placement

Kraken Robotics closed a non-brokered private placement on August 12, 2016, securing $1,073,930 in gross proceeds. The company issued 7,159,534 units at a price of $0.15 per unit. Each unit consists of one common share and one-half of a common share purchase warrant, exercisable at $0.30 over a two-year period.

In a separate transaction, Kraken addressed a $35,000 debt by issuing 233,333 common shares and 116,666 warrants to an arms-length creditor. Both the private placement and the settlement remain subject to TSX Venture Exchange approval, and the issued securities are restricted by a four-month statutory hold period.

CEO Karl Kenny stated that the capital will support ongoing operations and the delivery of the firm's KATFISH underwater sensor system. Based in St. John’s, Kraken Robotics focuses on developing Synthetic Aperture Sonar and robotics technology for commercial and defense applications.