£1.7m fundraise completed at detection technology group
Radiation and bio-detection technology company, Kromek Group, has completed a £1.7m fundraising.
It has been conducted through the issue of convertible loan notes to existing and new investors in the Huddersfield-based business.
Proceeds of the fundraising will be used to provide additional working capital to minimise any potential supply chain disruption to the delivery of contracts during the year.
The loan notes have a term of 18 months (with Kromek having the option to extend the majority of the loan notes by three months), are senior in ranking and unsecured.
The loan notes are convertible at investors option into ordinary shares in the capital of the company at 15 pence per ordinary share, representing a 30% premium to the mid-price of Kromek’s share price at close of business on 4 August 2022.
Based on a fundraising of £1.7m, the loan notes would – if converted at 15 pence per share – represent about 11.3 million ordinary shares, amounting to 2.6% of the current issued share capital of the business.