Kraken Robotics closes $2.1M private placement
Marine technology firm Kraken Robotics has raised $2.1 million through an oversubscribed private placement to fund inventory and operations.
Kraken Robotics has finalized a private placement offering, raising approximately $2.1 million in gross proceeds. The company issued 11.8 million units at a price of $0.18 each, noting that the round was oversubscribed.
The capital raised is earmarked for the production of additional inventory to support ongoing customer sea trials, as well as general corporate and working capital requirements. Investors received warrants alongside common shares, exercisable at $0.30 over a two-year term.
CEO Karl Kenny stated that the financing supports the company’s efforts to scale its international distribution and follow up on recent sales interest generated at industry events. The company continues to focus on its synthetic aperture sonar and underwater laser imaging product lines.