ST. JOHN'S, NL--(Marketwired - July 08, 2015) - Kraken Sonar Inc. (
"We are very pleased to have Sophic Capital as our new IR partner," said Karl Kenny, CEO of Kraken. "Sophic is well positioned to communicate the Company's technology and strategy to the investment community. Kraken is moving into a significant growth phase and Sophic's proven capital market success adds a strong element to our investor messaging and outreach."
"Kraken's strong management team, disruptive technology, and large market opportunity are key characteristics that we see in successful technology companies," said Sean Peasgood, CEO of Sophic Capital. "We are excited to be joining Kraken to increase visibility in the capital markets and implement a strategy to increase shareholder value."
Pursuant to the investor relations services agreement between the Company and Sophic (the "Agreement"), Sophic will receive monthly fees averaging $6,000. In addition, the Company has granted to Sophic options to purchase up to 100,000 common shares of the Company (the "Options"), exercisable at a price of $0.21 per share for three years and will vest over a one-year period. The Agreement has an initial term of one year, which can be extended upon the written consent of both the Company and Sophic.
The appointment of Sophic, and the grant of Options, is subject to the approval of the TSX Venture Exchange.
ABOUT KRAKEN SONAR INC.
Kraken Sonar Inc. (
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
For further information, please contact:
Sean Peasgood, Investor Relations
(416) 565-2805
Sean@SophicCapital.com
Greg Reid, Chief Financial Officer
(416) 818-9822
greid@krakensonar.com