Kraken Sonar closes $2.13M oversubscribed private placement

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By CPE News

Conception Bay South, NL (pcJ News Briefs) – Kraken Sonar Inc. (TSX-V: PNG) has closed previously announced non-brokered private placement offering of 11,806,660 units at $0.18 per unit for proceeds of $2,125,199.

Each unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant shall entitle the holder thereof to acquire one additional common share at $0.30 per share for a period of two years from closing of the offering.

Proceeds will be used for the build of additional inventory for customer trials and general corporate and working capital purposes.

“We are very pleased with the interest from investors in Kraken’s future as indicated by the oversubscription of the private placement,” said Karl Kenny, President and CEO of Kraken. “The financing provides additional funds to build inventory for customer evaluations, enhance business development and increase our international distribution.”

Founded in 2012, Kraken Sonar Inc. is a marine technology company dedicated to the production and sale of software-centric sensors and underwater robotic systems.

photo credit: Kraken Sonar