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Kraken Robotics Inc. Announces Upsize of Previously Announced Bought Deal Public Offering to $45 Million
Kraken Robotics Inc. Announces Upsize of Previously Announced Bought Deal Public Offering to $45 ...
About this update from Kraken Robotics Inc
[{"type":"text","content":"\n\n\n\n Kraken Robotics Inc. Announces Upsize of Previously Announced Bought Deal Public Offering to $45 Million\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\n\n\n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n\n\n\n\n ST. JOHN'S, NL\n \n\n ,\n \n\n Oct. 2, 2024\n \n\n /CNW/ - Kraken Robotics Inc. (\"\n \n Kraken\n \n \" or the \"\n \n Company\n \n \") (TSXV: PNG) (OTCQB: KRKNF) is pleased to announce that it has amended its agreement with Cormark Securities Inc. to increase the size of its previously announced\n \n $25 million\n \n \"bought deal\" public offering to\n \n $45 million\n \n . Pursuant to the upsized deal terms, Cormark Securities Inc., as lead underwriter, together with a syndicate of investment dealers (the \"\n \n Underwriters\n \n \") has agreed to purchase 28,125,000 common shares (the \"\n \n Common Shares\n \n \") from the treasury of the Company, at a price of\n \n $1.60\n \n per Common Share (the \"\n \n Offering Price\n \n \") and offer them to the public by way of short form prospectus for total gross proceeds of\n \n $45 million\n \n (the \"\n \n Offering\n \n \").\n \n\n The Company has granted the Underwriters an option (the \"\n \n Over-Allotment Option\n \n \") to purchase up to an additional 15.0% of the Common Shares of the Offering on the same terms exercisable at any time up to 30 days following the closing of the Offering, for market stabilization purposes and to cover over-allotments, if any.\n \n\n Kraken expects the net proceeds of the Offering will be used to advance the Company's long-term strategy, including: (1) investing in expanded facilities and increased manufacturing capacity; (2) providing flexibility to take advantage of opportunities for accretive acquisitions of complementary technologies and businesses; (3) increasing the Company's attractiveness as a stable and reliable long-term supplier; (4) strengthening the Company's balance sheet to provide additional working capital to ...