Kraken Robotics Inc (CVE: PNG) (OTCMKTS: KRKNF) increased its previously announced CAD$25 million bought deal public offering to CAD$45 million.
Announced on Thursday, the deal is underwritten by Cormark Securities Inc. The company has granted the underwriters the option to purchase up to an additional 15 per cent of the company shares. These will be exercisable at any time up to 30 days after closing, to stabilize the market and cover any over-allotments.
Kraken plans to use the net proceeds to expand its manufacturing facilities and capacity, pursue accretive acquisitions of technologies or businesses that complement its existing operations, enhance its profile as a stable and long-term supplier in the market, and strengthen its balance sheet to support potential large orders and new contractual opportunities.
This option is exercisable for up to 30 days after the closing of the offering. The shares will be offered through a short form prospectus in all provinces of Canada, except Quebec.
Additionally, Kraken may offer shares in the United States on a private placement basis and in other jurisdictions where allowed. Earlier in 2024, Kraken Robotics filed a final short form prospectus for a different public offering at a lower share price of CAD$0.95.
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Kraken SAS deployed in multi-national collaborative exercise
This news follows Kraken’s announcement that five NATO navies evaluated their Miniature Interferometric Synthetic Aperture Sonar (MINSAS) during the Portuguese Navy’s annual Robotic Experimentation and Prototyping with Maritime Unmanned Systems (REPMUS) exercise in Sesimbra and Troia, Portugal.
Kraken integrated five MINSAS modules onsite into American, Dutch, Swedish, Belgian, and Portuguese uncrewed underwater vehicles (UUVs). Together, these systems successfully located more than 50 mine-like targets during the exercise, including redundant coverages.
“REPMUS has been an invaluable experience for our team at Kraken, providing the opportunity to work directly with end-user navies, demonstrate the capabilities of MINSAS, support the rapid processing of data from multiple missions, and get real-time feedback from users that we can integrate into our product roadmap,” said Greg Reid, President and CEO of Kraken Robotics.
Kraken’s MINSAS performed a wide range of tasks during the exercise, including area search and reacquire/identify operations.
Real-time beamforming and georeferencing enabled rapid data recovery from payloads. This allowed immediate post-mission analysis when the UUVs returned to shore, using SeeByte’s SeeTrack C2 System.
The 2024 REPMUS exercise, held from September 9 to 27, brought together over 30 nations, 2,000 participants, and 100 autonomous assets to collaboratively develop and test concepts and requirements in support of multi-domain operations.
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