Kraken Robotics raises $10 million

Canada’s ocean tech company Kraken Robotics has closed its previously announced “bought deal” short form prospectus offering of common shares.

The company sold a total of 15,500,000 common shares at a price of 67 cents per common share for gross proceeds of close to $10.4 million inclusive of the partial exercise of the over-allotment option.

The offering wrapped up by a syndicate of underwriters led by Canaccord Genuity Corp., on behalf of a syndicate of underwriters including Stifel GMP and Beacon Securities.

Following the partial exercise of the over-allotment option granted to the underwriters, an additional 1,750,000 common shares remain exercisable at the offering price, in whole or in part, at any time for a period of 30 days.

Kraken will 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 offering is subject to TSX Venture Exchange final acceptance of requisite regulatory filings.

The company also recently secured $2.9 million from the National Research Council of Canada’s Industrial Research Assistance Program (NRC-IRAP).

The company will receive the funding over a 26-month project period.

Specifically, Kraken will use it to support the development of its seabed resident ThunderFish XL autonomous underwater vehicle.

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