Kraken Robotics acquires remaining 25% of Kraken Power

31 December 2019

On Dec. 31, 2019, Kraken Robotics Inc. (TSXV: PNG) (OTCQB: KRKNF) completed its previously announced acquisition of the remaining 25% of Kraken Power GmbH that Kraken Robotics did not already own. Consideration for the transaction was €350,000, consisting of €250,000 in cash and the issuance of 236,258 common shares of Kraken at a deemed price of $0.62 per share, representing the Canadian dollar equivalent of €100,000.

Kraken Robotics is a marine technology company that is dedicated to the production and sale of software-centric sensors and underwater robotic systems. The company is headquartered in St. John's, Newfoundland, with offices in Nova Scotia, Ontario, Germany and Massachusetts.

Based in Rostock, Germany, Kraken Power employs a 20-person team comprised of highly skilled engineers, technicians and administration staff and recently obtained its ISO 9001:2015 certification.

Gowling WLG was Canadian counsel to Kraken Robotics in this transaction with a team that included Ian Mitchell and Josh Rosen.

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