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Kraken Robotics Inc. Announces $100 Million Bought Deal Public Offering of Common Shares

Not for distribution to United States newswire services or dissemination in the United States

ST. JOHN'S, Newfoundland, June 17, 2025 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. ("Kraken" or the "Company") ((TSX.V: PNG, OTCQB:KRKNF) announces that it has entered into an agreement with Desjardins Capital Markets, as sole lead underwriter and sole bookrunner, on behalf of syndicate of underwriters (the "Underwriters") pursuant to which the Underwriters have agreed to purchase 37,600,000 common shares (the "Common Shares") from the treasury of the Company, at a price of $2.66 per Common Share (the "Offering Price") for total gross proceeds of $100,016,000 (the "Offering"). The Company has granted the Underwriters an option (the "Over-Allotment Option") to purchase up to an additional 15.0% of the Common Shares of the Offering on the same terms exercisable at any time up to 30 days following the closing of the Offering, for market stabilization purposes and to cover over-allotments, if any.

Kraken expects the net proceeds of the Offering will be used to support the Company's transition into a scalable global prime contractor, including: (1) enhancing the ability to consider larger accretive acquisitions particularly in the US and EU given the Company's strengthened global profile (2) demonstrating a stronger balance sheet when bidding for larger governmental and commercial contracts and (3) for general corporate purposes.

Closing of the Offering is expected to occur on or about July 7, 2025 and is subject to regulatory approval including that of the TSX Venture Exchange.

The Common Shares to be issued under the Offering will be offered by way of a short form prospectus in each of the Provinces of Canada, except Quebec, and may be offered in the United States ...