Kromek Group PLC Fundraising of GBP1.14 million (9402W)
August 23 2022 - 6:10AM
UK Regulatory
TIDMKMK
RNS Number : 9402W
Kromek Group PLC
23 August 2022
23 August 2022
Kromek Group plc
("Kromek" or the "Company" or the "Group")
Fundraising of GBP1.14 million
Kromek Group plc, a leading developer of radiation and
bio-detection technology solutions for the advanced imaging and
CBRN detection segments, is pleased to announce that it has
completed a fundraising of GBP1.14 million (the "Fundraising")
through the issue of convertible loan notes ("Loan Notes") to
existing shareholders in the Company. The net proceeds of the
Fundraising will be used to provide additional working capital to
mitigate against any potential future supply chain issues. This new
fundraising brings the total of new funds raised via convertible
loan notes to GBP2.84 million following the fundraising of GBP1.7
million announced on 5 August 2022.
The Loan Notes have a term of 18 months (with the Company having
the option to extend the loan notes by three months), are senior in
ranking and unsecured. If the Loan Notes are repaid other than on
the repayment date, they are convertible at the investors option
into ordinary shares in the capital of the Company ("Ordinary
Shares") at 15 pence per Ordinary Share, representing a 38% premium
to the mid-price of the Company's share price at close of business
on 22 August 2022. The Loan Notes carry a coupon of 8% per annum
and have a conversion date of 22 February 2024.
Where the Loan Note holders have the right to elect to be repaid
in whole or in part in Ordinary Shares, the conversion price is the
lower of the closing mid-market price on the repayment date and 15
pence per share.
Based on a Fundraising of GBP1.14 million, the Loan Notes would,
if converted at 15 pence per share, represent approximately 7.6
million Ordinary Shares, amounting to 1.76% of the current issued
share capital of the Company.
For further information, please contact:
Kromek Group plc
Arnab Basu, CEO
Paul Farquhar, CFO +44 (0)1740 626 060
finnCap Ltd (Nominated Adviser and Broker)
Geoff Nash/Seamus Fricker/George Dollemore
- Corporate Finance +44 (0)20 7220 0500
Tim Redfern/Charlotte Sutcliffe - ECM
Gracechurch Group (Financial PR)
Harry Chathli/Claire Norbury +44 (0)20 3488 7510
About Kromek Group plc
Kromek Group plc is a leading developer of radiation detection
and bio-detection technology solutions for the advanced imaging and
CBRN detection segments. Headquartered in County Durham, UK, Kromek
has manufacturing operations in the UK and US, delivering on the
vision of enhancing the quality of life through innovative
detection technology solutions.
The advanced imaging segment comprises the medical (including CT
and SPECT), security and industrial markets. Kromek provides its
OEM customers with detector components, based on its core cadmium
zinc telluride (CZT) platform, to enable better detection of
diseases such as cancer and Alzheimer's, contamination in
industrial manufacture and explosives in aviation settings.
In CBRN detection, the Group provides nuclear radiation
detection solutions to the global homeland defence and security
market. Kromek's compact, handheld, high-performance radiation
detectors, based on advanced scintillation technology, are
primarily used to protect critical infrastructure and urban
environments from the threat of 'dirty bombs'.
The Group is also developing bio-security solutions in the CBRN
detection segment. These consist of fully automated and autonomous
systems to detect a wide range of airborne pathogens.
Kromek is listed on AIM, a market of the London Stock Exchange,
under the trading symbol 'KMK'.
Further information is available at www.kromek.com .
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
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