TORONTO, Nov. 24,
2023 /CNW/ - Ocean Infinity Group Limited (formerly
Ocean Infinity Limited) (the "Corporation" or "Ocean
Infinity") announces the disposition of its shares of Kraken
Robotics Inc. (TSXV: PNG) (OTCQB: KRKNF) (the "Issuer" or
"Kraken"). This press release is being disseminated as
required by National Instrument 62-103 The Early Warning System
and Related Take-Over Bid and Insider Reporting Issues by the
Corporation in connection with the disposition of shares of the
Issuer.
On November 23, 2023, the
Corporation sold (the "Disposition") all of the 21,280,000
common shares ("Common Shares") in the capital of the
Issuer held by the Corporation, by way of a block trade over Cboe
Canada. Aggregate consideration for the Disposition was
CDN$ 10,663,408 (or approximately
CDN$0.5011 per Common Share).
Immediately prior to the Disposition, the Corporation had
beneficial ownership of, or control and direction over, 21,280,000
Common Shares, representing approximately 10.3% of the issued and
outstanding Common Shares, on a non-diluted basis (based on the
number of Common Shares most recently reported by the Issuer as
being outstanding). Following the Disposition, the Corporation no
longer has beneficial ownership of, or control or direction over,
any Common Shares.
Ocean Infinity held a small minority ownership position
in Kraken that became non-core as its business expanded to
include surface robotics. The Disposition was made to
redeploy funds away from its Kraken position at a good profit
after 5 years of ownership. Ocean Infinity remains
committed to working with Kraken as one of its key suppliers to its
subsea data services business. The Corporation may, from time to
time, take such actions in respect of securities of the Issuer, as
it may deem appropriate, in light of the circumstances then
existing, including the purchase of Common Shares or other
securities of the Issuer, subject to applicable securities laws and
the terms of such securities.
An early warning report will be filed by the Corporation under
applicable Canadian securities laws and once filed will be
available on the Issuer's SEDAR+ profile at www.sedarplus.com.
Following the above-noted early warning report filing, the
Corporation will no longer be required to report under the early
warning requirements of National Instrument 62-104 –Take-Over
Bids and Issuer Bids, unless its security holdings in the
Issuer increase to 10% or more in the future.
The address of the Corporation is:
17 Grosvenor Street
London, United Kingdom
W1K 4QG.
The address of the Issuer is:
Kraken Robotics Inc.
189 Glencoe Drive
Mount Pearl, NL A1N 4P6
SOURCE Ocean Infinity Group Limited