Ocean Infinity Group, Limited Announces Exercise of Warrants in Kraken Robotics Inc.
Toronto, Ontario--(Newsfile Corp. - March 6, 2019) - Ocean Infinity Group, Limited (formerly Ocean Infinity, Limited) (the "Acquiror") has filed an early warning report (the "Early Warning Report") advising of its exercise of warrants ("Warrants") and acquisition of common shares (the "Common Shares") of Kraken Robotics Inc. (TSXV: PNG) (OTCQB: KRKNF) (the "Company") on March 4, 2019 at the exercise price of $0.40 per Warrant (the "Transaction"). The Warrants were originally acquired in a private placement closed on June 28, 2018. 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 Common Shares of the Company.
As set out in the Acquiror's prior early warning report dated January 3, 2019, the Acquiror had ownership and control over 15,520,000 Common Shares and 5,760,000 Warrants, representing approximately 11.33% of the outstanding Common Shares of the Company on an undiluted basis and approximately 14.9% on a partially diluted basis.
After the Transaction, the Acquiror has beneficial ownership over 21,280,000 Common Shares, representing approximately 14.78% of the outstanding Common Shares of the Company.
The Acquired Shares were purchased for investment purposes. The Acquiror may, from time to time, take such actions in respect of its holdings in securities of the Company as it may deem appropriate in light of the circumstances then existing, including (i) acquiring, exercising, converting, exchanging, selling or otherwise disposing of securities of the Company or securities exercisable for, or convertible or exchangeable into, securities of the Company, and (ii) developing plans or intentions or taking actions which relate to or would result in one or more of the transactions or matters referred to in paragraphs (a) through (k) of Item 5 of the Early Warning Report filed on SEDAR.
A copy of the Early Warning Report of the Acquiror with respect to the foregoing filed under applicable securities laws is available under the Company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com.
Ocean Infinity Group, Limited
First Floor, 6 Grosvenor Street
London W1X 4PZ
Contact: Daniel McIntee
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