23rd Aug 2022 12:03
(Alliance News) - Kromek Group PLC on Tuesday announced it has raised further funds via convertible loan notes.
The Sedgefield, England-based detection technology supplier has raised GBP1.1 million in convertible loan notes. It will use the proceeds as working capital, and to mitigate any potential supply chain disruption.
The notes are convertible into ordinary shares at 15 pence each, presenting a 39% premium to the firm's share price on Monday. They carry a coupon of 8% per annum, with a conversion date of February 22, 2024.
If converted, the notes would constitute 7.6 million shares, or 1.8% of its share capital.
This follows a GBP1.7 million fundraise via loan note announced earlier in August, bringing the total new funds to GBP2.8 million.
Its shares were down 0.6% at 10.81p in London at midday on Tuesday.
By Elizabeth Winter; [email protected]
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