ST. JOHN’S, NL–(Marketwired – March 27, 2017) –
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
Kraken Sonar Inc. (TSX VENTURE: PNG) (“Kraken” or the “Company“) is pleased to announce that it is undertaking a non-brokered private placement offering for aggregate gross proceeds of up to CDN$2 million (the “Offering“).
Pursuant to the Offering, the Company may issue up to an aggregate of up to 11,111,112 units (the “Units“) at a price of CDN$0.18 per Unit. Each Unit will consist of one common share of the Company (each, a “Share“) and one-half of one common share purchase warrant (each full warrant, a “Warrant“). Each Warrant shall entitle the holder thereof to acquire one Share at a price of CDN$0.30 for a period of two years from closing of the Offering. All securities issued under the Offering will be subject to a four month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
The closing of the Offering is expected to occur on or about April 7, 2017 and remains subject to receipt of all necessary regulatory approvals including acceptance for filing by the TSX Venture Exchange. The Company intends to use the net proceeds of the Offering for the build of additional inventory for customer trials and general corporate and working capital purposes. A finder’s fee may be paid by the Company through the issuance of finder warrants in a number equal to up to 7.0% of the Units placed with subscribers introduced by any finder under the Offering. Each finder warrant will entitle the holder to acquire one Share at the offering price.
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. For more information, please visit www.krakensonar.com.
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 nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Greg Reid
Chief Financial Officer
(416) 818‐9822
greid@krakensonar.com
Stephen Harpur
Investor Relations
(604) 306-6142
steve@harpurinc.com
Sean Peasgood
Investor Relations
(416) 565‐2805
sean@sophiccapital.com
Glenda Leyte
Marketing Manager
(709) 757‐5757 extension 288
gleyte@krakensonar.com