St. John’s-based marine technology company Kraken Robotics announced Tuesday that it received $2.3 million from Ocean Infinity from the exercise of 5,760,000 warrants.
The warrants were issued to Ocean Infinity – an offshore ocean survey and exploration company – in June last year and were set to expire in June 2021. They had an exercise price of $0.40.
Kraken president and CEO Karl Kenny said the company is “pleased” with the exercise of the warrants by Ocean Infinity, noting “the confidence they are showing in our strategic direction.”
Kenny said Kraken recently completed factory acceptance tests on its first battery units for Ocean Infinity, and expects shipments this month for integration into Ocean Infinity’s autonomous underwater vehicles (AUVs).
Ocean Infinity president and CEO Oliver Plunkett said the company was pleased to witness the successful test of the first batch of Kraken’s new batteries for their Hugin AUVs.
“These new batteries will provide significantly longer endurance missions, reduced number of launch and recoveries and flexibility for weather windows,” Plunkett said.
“In addition, Ocean Infinity’s team of surveyors and data processors have been extremely impressed with the quality and resolution of the imagery from Kraken’s Synthetic Aperture Sonar. With Kraken’s MINSAS sensors integrated on the Hugin AUVs, the ultra-high definition of the imagery provides an invaluable tool for identification of seabed targets and seafloor features.”
Kraken’s board of directors also approved the issuance of half a million options to external consultants. The options will have a three-year term and the exercise price was set at Kraken’s closing stock price of $0.70 on the TSX Venture Exchange on March 5.