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OCEAN INFINITY GROUP LIMITED ANNOUNCES DISPOSITION OF SHARES IN KRAKEN ROBOTICS INC.
OCEAN INFINITY GROUP LIMITED ANNOUNCES DISPOSITION OF SHARES IN KRAKEN ROBOTICS INC. Ca...
About this update from Kraken Robotics Inc
[{"type":"text","content":"\n \n \n \n OCEAN INFINITY GROUP LIMITED ANNOUNCES DISPOSITION OF SHARES IN KRAKEN ROBOTICS INC.\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Nov. 24, 2023\n \n \n /CNW/ - Ocean Infinity Group Limited (formerly Ocean Infinity Limited) (the \"\n \n Corporation\n \n \" or \"\n \n Ocean Infinity\n \n \") announces the disposition of its shares of Kraken Robotics Inc. (TSXV: PNG) (OTCQB: KRKNF) (the \"\n \n Issuer\n \n \" or \"\n \n Kraken\n \n \"). This press release is being disseminated as required by National Instrument 62-103\n \n The Early Warning System and Related Take-Over Bid and Insider Reporting Issues\n \n by the Corporation in connection with the disposition of shares of the Issuer.\n \n \n On\n \n November 23, 2023\n \n , the Corporation sold (the \"\n \n Disposition\n \n \") all of the 21,280,000 common shares (\"\n \n Common\n \n \n Shares\n \n \") 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\n \n CDN$ 10,663,408\n \n (or approximately\n \n CDN$0.5011\n \n per Common Share).\n \n \n 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.\n \n \n 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 ti...