Kraken Robotics Closes $6 Million Share Offering
Marine technology firm Kraken Robotics has finalized a $6 million financing round through a bought deal, with funds earmarked for corporate operations and expansion.
Kraken Robotics has completed a $6 million bought deal financing, issuing 15 million common shares at a price of $0.40 each. The transaction was facilitated by a syndicate of underwriters led by Clarus Securities Inc.
Strategic partner Ocean Infinity Ltd. participated in the round with a $1 million investment. CEO Karl Kenny stated that the capital will support the company’s ongoing efforts in developing underwater robotics and associated sensor technologies.
The net proceeds are designated for capital expenditures, technology and licensing costs, investments in Kraken Power GmbH, and general working capital requirements. The offering remains subject to final regulatory approval from the TSX Venture Exchange.