The Newfoundland-based company said Tuesday that it closed a bought deal offering—or a deal in which an investment bank commits to buying the entire offering to reduce financing risk. Toronto investment bank Cormark Securities was lead underwriter, joined by Canaccord Genuity, Beacon Securities, Raymond James and Scotia Capital, Kraken said in a press release. (The Logic)

Talking point: Kraken designs and manufactures subsea sensors, robotics and batteries. The $370-million company has sold its equipment to global customers, including technology to detect seabed mines to the Australian Navy last November. In December, it sold a sea scanner for an underwater vehicle to NATO’s Science and Technology Organization. Kraken, which is publicly traded on the TSX Venture Exchange, will use the money to expand manufacturing facilities, explore acquisitions, become a more “stable” supplier and meet large orders, the company said.