Kraken Robotics Inc. has received a contract from Public Works and Government Services Canada for $468,000. The end user is the Canadian Department of National Defense (DND).
Under the contract, Kraken will provide testing, repairs, integration and upgrading of an AquaPix® INSAS sensor originally sold to DND for integration on the Artic Explorer Autonomous Underwater Vehicle in 2014.
Kraken also announced Monday that since the end of the quarter on Sept. 30 it has received almost $600,000 in cash from the early exercise of approximately 2.1 million warrants set to expire in April 2019. To date, Kraken has received $835,666 in cash from the early exercise of 2,785,553 warrants which had an exercise price of $0.30 and were set to expire in April 2019.
There remains approximately 3.1 million warrants with the same terms, which would generate another $0.9 million in cash for the Company if exercised.
Kraken Robotics Inc. is a marine technology company that is dedicated to the production and sale of software-centric sensors and underwater robotic systems. The company is headquartered in St. John’s with offices in Dartmouth, N.S,, Toronto; Bremen, Germany; and Fairfax, Va.