Kraken Robotics Inc. Files Final Short Form Prospectus in connection with its Bought Deal Public Offering

Final Short Form Prospectus Accessible on SEDAR+

Not for distribution to United States newswire services or dissemination in the United States

ST. JOHN'S, Newfoundland, May 16, 2024 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. ("Kraken" or the "Company") (TSX-V: PNG, OTCQB: KRKNF) announces that, further to its news release dated April 25, 2024, it has filed a final short form prospectus dated May 16, 2024 (the "Final Prospectus") to qualify the distribution of 21,185,300 common shares (the "Common Shares") from the treasury of the Company, at a price of $0.95 per Common Share for total gross proceeds of $20,126,035 (the "Offering"), which includes the 2,763,300 Common Shares being issued at a price of $0.95 per Common Share pursuant to the exercise in full by the underwriters of the over-allotment option granted by the Company. The Offering will be conducted in each of the provinces of Canada, except Quebec and may be offered in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws, and certain other jurisdictions outside of Canada and the United States.

Closing of the Offering is expected to occur on or about May 21, 2024, and is subject to regulatory approval including that of the TSX Venture Exchange.

Access to the Final Prospectus and any amendment thereto is provided in accordance with securities legislation relating to procedures for providing access to a short form prospectus and any amendment. The Final Prospectus is accessible on SEDAR+ at www.sedarplus.ca. An electronic or paper copy of the Final Prospectus and any amendment may be obtained, without charge, from the Company at 189 Glencoe Drive, Mount Pearl, NL, A1N 4P6, telephone [phone] by email at [e-mail] and by providing the contact with an email address or address, as applicable.

This press release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent registration under U.S. federal and state securities laws or an applicable exemption from such U.S. registration requirements.