Business
Kraken Robotics Announces $10.0 Million Bought Deal Prospectus Offering
Kraken Robotics Announces $10.0 Million Bought Deal Prospectus Offering Canada ...
About this update from Kraken Robotics Inc
[{"type":"text","content":"Kraken-$10M-offering\n \n \n \n Kraken Robotics Announces $10.0 Million Bought Deal Prospectus Offering\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n TORONTO, Oct. 1, 2020\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES OR\n \n DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n TORONTO\n \n ,\n \n Oct. 1, 2020\n \n /CNW/ - Kraken Robotics Inc. (\"\n \n Kraken\n \n \" or the \"\n \n Company\n \n \") (TSXV: PNG) is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. (the \"\n \n Lead\n \n \n Underwriter\n \n \") on behalf of a syndicate of underwriters (the \"\n \n Underwriters\n \n \") pursuant to which the Underwriters have agreed to purchase, on a \"bought deal\" basis, 15,000,000 common shares (the \"\n \n Common Shares\n \n \") of the Company at a price of\n \n $0.67\n \n per Common Share (the \"\n \n Offering Price\n \n \") for aggregate gross proceeds of\n \n $10,050,000\n \n to the Company (the \"\n \n Offering\n \n \").\n \n \n 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\n \n $11,557,500\n \n .\n \n \n 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.\n \n \n The Common Shares will be offered: (a) by way of a short form prospectus to be filed in each of the provinces of\n \n Canada\n \n , other than Québec and elsewhere on a private placement basis in sales exempt from applicable prospectus and/or registration requirements.\n \n \n The Offering is expected to close...