04:01 PM EDT, 04/25/2024 (MT Newswires) -- Kraken Robotics ( KRKNF ) on Thursday said it is raising C$17.5 million in a bought deal public share offering.

The company is selling and underwriting syndicate 18.4-million priced at C$0.95 each, while also granting a 15% over-allotment option.

"Kraken expects to use the net proceeds to facilitate its long term strategy, including potential investment in facilities, expanding manufacturing capacity, anticipated working capital for expansion of sole-source/single award programs and high probability pipeline opportunities, further strengthen the company's balance sheet in anticipation of upcoming customer and partners decisions and source selection on additional large, new program and contract opportunities, and for general corporate purposes," it said.

The company's shares closed down C$0.01 to C$1.03 on the TSX Venture Exchange.

Price: 1.03, Change: -0.01, Percent Change: -0.96