02:12 PM EDT, 05/21/2024 (MT Newswires) -- Kraken Robotics ( KRKNF ) on Tuesday said it closed a bought-deal share offering that raised $20.1 million.

The company sold an underwriting syndicate 21.19-million shares priced at $0.95 each, including the full exercise of the over-allotment option.

Net proceeds will be used to fund Kraken's long term strategy, strengthen its balance sheet and for general corporate purposes.

The company's shares were last seen up $0.01 to $1.05 on the TSX Venture Exchange.

Price: 1.05, Change: +0.01, Percent Change: +0.96