10:32 AM EDT, 10/22/2024 (MT Newswires) -- Kraken Robotics ( KRKNF ) on Tuesday closed its bought deal offering, raising $51.75 million, including the full exercise of the over-allotment option. The company issued 32.34 million shares at $1.60 each.

A statement noted the net proceeds of the Offering are expected to be used to advance the company's long-term strategy, including: investing in expanded facilities and increased manufacturing capacity; providing flexibility to take advantage of opportunities for accretive acquisitions of complementary technologies and businesses; increasing the company's attractiveness as a stable and reliable long-term supplier; strengthening the company's balance sheet to provide additional working capital to meet customer requirements in connection with potential additional large orders, as well as new program and contract opportunities; and for general corporate purposes.

Kraken was last seen unchanged at $1.63, on the TSX Venture Exchange.

Price: 1.64, Change: +0.01, Percent Change: +0.31