Canadian marine technology company Kraken Robotics Inc has announced a non-brokered private placement of 10,714,285 shares priced at C$0.14 ($0.11) a unit, which are expected to raise C$1.5m ($1.19m).

The shares will be subject to a statutory holding period of four months from the closing date, as well as applicable Canadian securities laws.

The offering is expected to close by 26 February 2018.

Kraken Robotics intends to use the proceeds from the private placement for inventory management purposes, in addition to various business and working capital requirements.

The US Naval Sea Systems Command has awarded a $14.99m contract to Austal USA LLC for work on the conceptual design of the next-generation Guided Missile Frigate (FFG(X)).

"Bell Helicopter Textron Inc has been awarded a contract worth $37.6m to procure additional long-lead materials for 27 of the US Marine Corps’ Lot 16 AH-1Z attack helicopters."

Austal will adapt its conceptual design to meet the requirements of the FFG(X) capability as part of the arrangement, as well as provide final specifications and capability drivers for the FFG(X) frigate.

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The deal also includes a number of additional options.

Work under the contract is slated to be completed in June 2019.

Bell Helicopter Textron Inc has been awarded a contract worth $37.6m to procure additional long-lead materials for 27 of the US Marine Corps’ Lot 16 AH-1Z attack helicopters.

The contractual work will be performed until March 2019 in Fort Worth and Amarillo, Texas, US.

The deal is a modification of an advanced acquisition contract that was previously awarded by the US Naval Air Systems Command.

Lockheed Martin Rotary and Mission Systems Corporation has received a $50.86m contract modification to produce two twin-line towed array (TL-29A) systems and a TL-29A spare array for the Program Executive Office Submarines, Maritime Surveillance Systems (MSS) Program Office.

The scope of the contract also includes the provision of additional engineering services, two array refurbishments and spares.

Work under the contract will be performed in Syracuse, New York, US, through to February 2018.