Deal’s proceeds used for general corporate, working capital purposes
By Devika Patel
Knoxville, Tenn., Aug. 11 – Kraken Sonar Inc. said it increased its non-brokered private placement of units to C$1.2 million from C$1 million. The deal priced on July 19.
The company will now sell 8 million units of one common share and one half-share warrant at C$0.15 per unit.
Each two-year warrant is exercisable at C$0.30, a 100% premium to the July 18 closing share price of C$0.15.
Settlement is expected Aug. 12.
Proceeds will be used for general corporate and working capital purposes.
The marine technology company is based in St. John's, Newfoundland and Labrador.
| Issuer: | Kraken Sonar Inc.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | C$1.2 million
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| Units: | 8 million
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| Price: | C$0.15
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.30
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| Agent: | Non-brokered
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| Pricing date: | July 19
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| Upsized: | Aug. 11
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| Settlement date: | Aug. 12
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| Stock symbol: | TSX Venture: PNG
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| Stock price: | C$0.15 at close July 18
|
| Market capitalization: | C$12.44 million
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