OCEAN INFINITY GROUP LIMITED ANNOUNCES DISPOSITION OF SHARES IN KRAKEN ROBOTICS INC.

TORONTO, Nov. 24, 2023 /CNW/ - Ocean Infinity Group Limited (formerly Ocean Infinity Limited) (the "Corporation" or "Ocean Infinity") announces the disposition of its shares of Kraken Robotics Inc. (TSXV: PNG) (OTCQB: KRKNF) (the "Issuer" or "Kraken"). This press release is being disseminated as required by National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues by the Corporation in connection with the disposition of shares of the Issuer.

On November 23, 2023, the Corporation sold (the "Disposition") all of the 21,280,000 common shares ("Common Shares") in the capital of the Issuer held by the Corporation, by way of a block trade over Cboe Canada. Aggregate consideration for the Disposition was CDN$ 10,663,408 (or approximately CDN$0.5011 per Common Share).

Immediately prior to the Disposition, the Corporation had beneficial ownership of, or control and direction over, 21,280,000 Common Shares, representing approximately 10.3% of the issued and outstanding Common Shares, on a non-diluted basis (based on the number of Common Shares most recently reported by the Issuer as being outstanding). Following the Disposition, the Corporation no longer has beneficial ownership of, or control or direction over, any Common Shares.

Ocean Infinity held a small minority ownership position in Kraken that became non-core as its business expanded to include surface robotics.  The Disposition was made to redeploy funds away from its Kraken position at a good profit after 5 years of ownership.   Ocean Infinity remains committed to working with Kraken as one of its key suppliers to its subsea data services business. The Corporation may, from time to time, take such actions in respect of securities of the Issuer, as it may deem appropriate, in light of the circumstances then existing, including the purchase of Common Shares or other securities of the Issuer, subject to applicable securities laws and the terms of such securities.

An early warning report will be filed by the Corporation under applicable Canadian securities laws and once filed will be available on the Issuer's SEDAR+ profile at www.sedarplus.com. Following the above-noted early warning report filing, the Corporation will no longer be required to report under the early warning requirements of National Instrument 62-104 –Take-Over Bids and Issuer Bids, unless its security holdings in the Issuer increase to 10% or more in the future.

The address of the Corporation is:

17 Grosvenor Street
London, United Kingdom
W1K 4QG.

The address of the Issuer is:

Kraken Robotics Inc.
189 Glencoe Drive
Mount Pearl, NL A1N 4P6

SOURCE Ocean Infinity Group Limited

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