Kromek Group PLC Fundraising of GBP1.7m (0218V)
August 05 2022 - 2:00AM
UK Regulatory
TIDMKMK
RNS Number : 0218V
Kromek Group PLC
05 August 2022
05 August 2022
Kromek Group plc
("Kromek" or the "Company" or the "Group")
Fundraising of GBP1.7m
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 GBP1.7 million (the "Fundraising")
through the issue of convertible loan notes ("Loan Notes") to
existing and new investors in the Company. 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.
The Loan Notes have a term of 18 months (with the Company 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 ("Ordinary Shares") at 15 pence per Ordinary Share,
representing a 30% premium to the mid-price of the Company's share
price at close of business on 04 August 2022. The Loan Notes carry
a coupon of 8% per annum and have a conversion date of 31 January
2024.
The Loan Note holders have the right to elect to be repaid in
whole or in part in Ordinary Shares at the lower of the closing
mid-market price on the repayment date, and 15 pence per share.
Based on a Fundraising of GBP1.7 million, the Loan Notes would,
if converted at 15 pence per share, represent approximately 11.3
million Ordinary Shares, amounting to 2.6% 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
Luther Pendragon (Financial PR)
Harry Chathli/Claire Norbury +44 (0)20 7618 9100
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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