Kraken Sonar to raise up to $2M

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By CPE News

Conception Bay South, NL (pcJ News Briefs) – Kraken Sonar Inc. (TSX-V: PNG) intends to close a non-brokered private placement offering of up to 11,111,112 units at $0.18 per unit for gross proceeds of up to $2 million.

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.

The financing is expected to close on or about April 7, 2017.

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

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