/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, Oct. 1, 2020 /CNW/ - Kraken Robotics Inc.
("Kraken" or the "Company") (TSXV: PNG) is pleased to
announce that it has entered into an agreement with Canaccord
Genuity Corp. (the "Lead Underwriter") on behalf of a
syndicate of underwriters (the "Underwriters") pursuant to
which the Underwriters have agreed to purchase, on a "bought deal"
basis, 15,000,000 common shares (the "Common
Shares") of the Company at a price of $0.67 per Common Share (the "Offering
Price") for aggregate gross proceeds of $10,050,000 to the Company (the
"Offering").
The Company has also granted the Underwriters an over-allotment
option to purchase up to an additional 2,250,000 Common Shares
at the Offering Price, exercisable in whole or in part at any time
for a period of 30 days from the closing date of the Offering. If
the over-allotment option is exercised in full, the aggregate gross
proceeds of the Offering will be $11,557,500.
The Company intends to use the net proceeds from the Offering to
accelerate its Robotics as a Service recurring revenue model, for
leasehold improvements, capital expenditures, parts and inventory,
future acquisitions and for general corporate and working capital
purposes.
The Common Shares will be offered: (a) by way of a short form
prospectus to be filed in each of the provinces of Canada, other than Québec and elsewhere on a
private placement basis in sales exempt from applicable prospectus
and/or registration requirements.
The Offering is expected to close on or about October 26, 2020, or such other date as may be
agreed upon by the Company and the Underwriters, and is subject to
customary closing conditions, including required approvals of the
TSX Venture Exchange ("TSXV").
The securities offered pursuant to the Offering have not
been, and will not be, registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities
Act"), or any U.S. state securities laws, and may not be
offered or sold in the United
States unless registered under the U.S. Securities Act and
applicable state securities laws or pursuant to exemptions from the
registration requirements of the U.S. Securities Act and applicable
state securities laws. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy securities in
the United States, nor shall there
be any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful.
About Kraken
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
St. John's, Newfoundland with
offices in Dartmouth, Nova Scotia;
Toronto, Ontario; Bremen &
Rostock, Germany; and Boston, Massachusetts. Kraken is ranked as a
Top 100 marine technology company by Marine Technology Reporter.
For more information, please visit www.krakenrobotics.com,
www.krakenrobotik.de, www.krakenpower.de. Find us on social media
on Twitter (@krakenrobotics), Facebook (@krakenroboticsinc) and
LinkedIn.
For more information, visit www.krakenrobotics.com.
Forward-Looking Information
Certain information in this press release constitutes
forward-looking information within the meaning of applicable
Canadian securities legislation. In some cases, but not necessarily
in all cases, forward-looking information can be identified by the
use of forward-looking terminology such as "plans", "targets",
"expects" or "does not expect", "is expected", "an opportunity
exists", "is positioned", "estimates", "intends", "assumes",
"anticipates" or "does not anticipate" or "believes", or variations
of such words and phrases or state that certain actions, events or
results "may", "could", "would", "might", "will" or "will be
taken", "occur" or "be achieved". In addition, any statements that
refer to expectations, projections or other characterizations of
future events or circumstances contain forward-looking information.
Statements containing forward-looking information are not
historical facts but instead represent management's expectations,
estimates and projections regarding future events.
Forward-looking information is necessarily based on a number of
opinions, assumptions and estimates that, while considered
reasonable by Kraken as of the date of this press release, are
subject to known and unknown risks, uncertainties, assumptions and
other factors that may cause the actual results, level of activity,
performance or achievements to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to, completion of the Offering and the factors
described in greater detail in the "Risk Factors" section of our
Annual Information Form dated August 27,
2020 available at www.sedar.com, and the "Risk Factors"
section of the final prospectus relating to the Offering, which
will be available at www.sedar.com. These factors are not intended
to represent a complete list of the factors that could affect
Kraken; however, these factors should be considered carefully.
There can be no assurance that such estimates and assumptions will
prove to be correct. The forward-looking statements contained in
this press release are made as of the date of this press release,
and Kraken expressly disclaims any obligation to update or alter
statements containing any forward-looking information, or the
factors or assumptions underlying them, whether as a result of new
information, future events or otherwise, except as required by
law.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this press
release.
SOURCE Kraken Robotics Inc.