ST. JOHN'S, NL and BREMEN, GERMANY--(Marketwired - April 10, 2017) - Kraken Sonar Inc. (TSX VENTURE: PNG) ("Kraken" or the "Company") is pleased to announce that due to demand from investors, it has increased the size of the previously announced non-brokered private placement of units (the "Units") of the Company from C$2,000,000 to C$2,150,000 (the "Increased Offering"). Under the Increased Offering the Company may issue up to 11,944,444 units (the "Units") at a purchase price of $0.18 per Unit. Each Unit consists of one common share and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"), with each Warrant exercisable to acquire one common share of Kraken at $0.30 for a period of 24 months from the date of issuance. The Company intends to use the net proceeds from the Increased Offering for the build of additional inventory for customer trials and general corporate and working capital purposes.
The closing of the Increased Offering is expected to occur on or about April 11, 2017 and is subject to receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange. The Units, including all underlying securities thereof, and any finders warrants issued with respect to the Increased Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws.
ABOUT KRAKEN SONAR INC.
Kraken Sonar Inc. (TSX VENTURE: PNG) is a marine technology company, founded in 2012, that is dedicated to the production and sale of software-centric sensors and underwater robotic systems. The company is headquartered in St. John's, Newfoundland with offices in Dartmouth, Nova Scotia; Bremen, Germany; and Fairfax, Virginia. For more information, please visit www.krakensonar.com and www.krakenrobotik.de
Certain information in this news release constitutes forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company's public disclosure documents. Many factors could cause the Company's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.