Kraken Robotics Buys PanGeo

St. John's-based Kraken Robotics said Wednesday it has inked a deal to raise $10 million by selling shares to a consortium of underwriters led by investment bank Canaccord Genuity Corp. It will also buy another Newfoundland and Labrador company, PanGeo Subsea, in a cash and stock deal worth more than $14 million.
Kraken shares, which trade on the TSX Venture exchange, fell more than 17 percent