SOURCE: Kraken Sonar Systems Inc.

Kraken Sonar Systems Inc.

March 17, 2015 16:49 ET

Kraken Sonar Announces Grant of Stock Options

ST. JOHN'S, NL--(Marketwired - March 17, 2015) - Kraken Sonar Inc. (TSX VENTURE: PNG) ("Kraken" or "the Company") announces that, subject to regulatory approval, it has granted a total of 2,160,000 options (the "Options") to directors, officers and consultants of the Company to purchase common shares of the Company in accordance with its stock option plan. The options are exercisable at a price of $0.25 per common share and expire 3 years from the date of vesting. 10,000 of the Options vest immediately; 250,000 of the Options vest as follows: 3/12 immediately, 1/12 after 3 months from the date of grant, 1/3 after 12 months from the date of grant, and 1/3 after 24 months from the date of grant; and 1,900,000 of the Options vest as follows: 1/3 immediately, 1/3 twelve months from the date of grant and 1/3 twenty four months from the date of grant. 

ABOUT KRAKEN SONAR INC.
Kraken Sonar Inc. (TSX VENTURE: PNG) is an industrial technology company, founded in 2012, that is dedicated to the production and sale of software-centric Synthetic Aperture Sonar (SAS) technology. The Company's products have been sold to leading defence contractors, commercial companies and research institutions for producing real-time, high resolution imagery of the seabed. Marine Technology Reporter has twice named Kraken to their MTR100 -- a list of the 100 most influential companies in the international marine technology marketplace. For more information, please visit www.krakensonar.com

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.

Contact Information

  • For further information, please contact:

    Flora Wood
    IR & Corporate Communications
    Telephone: 709-757-5757 ext. 270
    Email: fwood@krakensonar.com