St. John's-based Kraken Robotics said Monday it has closed a deal, announced last week, to raise $10 million from a consortium of investment bankers, who will then have the option to sell their stock on the TSX Venture exchange.
The $10 million raise was a “bought deal,” meaning that although Kraken shares are already publicly traded, the newly issued stock was sold to underwriters, rather than directly through the stock market.
Kraken appears to be spending part of the $10 million to pay for its acquisition of fellow Newfoundland and Labrador company PanGeo Subsea.
Under the terms of the