Ocean Infinity Limited Announces Acquisition of Securities in Kraken Robotics Inc.
Toronto, Ontario--(Newsfile Corp. - July 24, 2018) - Ocean Infinity, Limited (the "Acquiror") announces the acquisition of securities of Kraken Robotics Inc. (TSXV: PNG) (OTCQB: KRKNF) (the "Issuer"). This press release is being disseminated as required by National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues by the Acquiror in connection with the acquisition of securities of the Issuer.
The Acquiror announces that, on June 28, 2018, it purchased 11,520,000 units ("Units") in the capital of the Issuer at a price of CDN$0.20 per Unit pursuant to the closing of a non-brokered private placement (the "Private Placement"). Each Unit consists of one common share of the Issuer (each, a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the Acquiror to purchase one additional Common Share until June 28, 2021 at a price of CDN$0.40, with an earlier exercise date in certain circumstances. However, regulatory approval from the TSX Venture Exchange to permit exercise of the Warrants was delayed until a PIF from the Acquiror was cleared, which occurred on July 19, 2018.
Prior to the closing of the Private Placement, the Acquiror neither owned nor controlled any Common Shares or Warrants in the capital of the Issuer.
As a result of the acquisition of the Units and the qualification of the Warrants for exercise on July 19, 2018, the Acquiror now has ownership and control over an aggregate of 11,520,000 Common Shares and 5,760,000 Warrants of the Issuer, representing 14.2% of the outstanding Common Shares of the Issuer on a partially diluted basis.
The Units were acquired for investment purposes. The Acquiror may, from time to time, take such actions in respect of its holdings in securities of the Issuer, as it may deem appropriate, in light of the circumstances then existing, including the purchase of additional Unis, Common Shares or other securities of the Issuer or the disposition of all or a portion of the Acquiror's shareholders in the Issuer, subject in each case to applicable securities laws and the terms of such securities.
A copy of the Early Warning Report of the Acquiror with respect to the foregoing filed under applicable securities laws is available under the Issuer's profile on the System for Electronic Document Analysis and Retrieval ("Sedar") at www.sedar.com.
The address of the Acquiror is:
Ocean Infinity, Limited
First Floor, 6 Grosvenor Street
London W1X 4PZ
For further information, please contact:
5300 Memorial Drive, Suite 430
Houston, TX 77007 8217