Kraken completes acquisition of PanGeo
by CM Staff
PanGeo is a services company specializing in high-resolution 3D acoustic imaging solutions for the sub-seabed with offices in St. John’s, Newfoundland and Aberdeen, United Kingdom.
ST. JOHN’S — Kraken Robotics Inc. announces that it has completed the acquisition of PGH Capital Inc. on terms previously disclosed in the Company’s press release dated July 20, 2021. PGH Capital operates its business through its subsidiaries, PanGeo Subsea Inc. and PanGeo Subsea Scotland Limited (collectively with PGH Capital, PanGeo). PanGeo is a services company specializing in high-resolution 3D acoustic imaging solutions for the sub-seabed with offices in St. John’s, Newfoundland and Aberdeen, United Kingdom. Upon closing, PanGeo is now a wholly owned subsidiary of Kraken Robotic Systems Inc. Under Kraken’s ownership, PanGeo will continue to operate as a trusted name in sub-seabed imaging and will complement Kraken’s turnkey offering of high-resolution subsea imaging services.
Karl Kenny, Kraken President and CEO said, “We are pleased to have completed this acquisition and to welcome the PanGeo employees to the Kraken team. Together we offer a holistic solution of world-leading technologies and services in subsea acoustic and optical imaging, autonomous robotics, and subsea batteries for customers in the defense and commercial markets. We are also excited for the increased exposure to the offshore renewable energy market and believe we can bring technologies to bear that will drive down customer costs, improve safety, and reduce their emissions footprint.”
The Acquisition constituted an “Expedited Acquisition” in accordance with TSX Venture Exchange Policy 5.3 – Acquisitions and Dispositions of Non-Cash Assets. All common shares issued in connection with the transaction are subject to a restriction from trading for four months and a day from the date of issuance.
In connection with the acquisition, Kraken’s Board of Directors has approved the issuance of 1,000,000 options to an officer of PanGeo. These options have a five-year term and an exercise price of $0.50 per common share.