Kraken Robotics Inc. (TSXV: PNG, OTCQB: KRKNF) closed its bought deal short form prospectus offering of 32,343,750 common shares at C$1.60 per share, raising gross proceeds of C$51.75 million. The offering, initially announced on October 1, 2024, at C$25 million and upsized to C$45 million on October 2, 2024, included the full exercise of the over-allotment option.

Cormark Securities Inc. acted as lead underwriter, with a syndicate including Canaccord Genuity Corp., Beacon Securities Limited, Raymond James Ltd., and Scotia Capital Inc. The underwriters received a 5% cash commission totaling C$2.59 million.

Proceeds will be used to expand facilities and manufacturing capacity, pursue potential acquisitions, strengthen Kraken’s position as a supplier, bolster its balance sheet for large orders, and support general corporate purposes.

Gowling WLG advised Kraken Robotics, with a team including Ian Mitchell, Warren Cass, Jaanam Mahboobani, and Paul Carenza. Goodmans LLP acted for the underwriters. The offering remains subject to TSX Venture Exchange’s final regulatory approval.