5th Aug 2022 11:58
(Alliance News) - Kromek Group PLC on Friday said it has raised GBP1.7 million through an issue of convertible loan notes to existing and new investors.
Shares in the Sedgefield, England-based detection technology supplier were up 7.4% to 12.35 pence each in London on Friday around midday.
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. They are also convertible at 15p each, a 30% premium to its 11.50p closing price on Thursday.
Based on a fundraising of GBP1.7 million, the loan notes would, if converted, represent around 11.3 million shares, which is around 2.6% of the current issued share capital.
"The 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," Kromek said.
By Sophie Rose; [email protected]
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