Sedgefield-based detection technology developer Kromek has completed a £1.14m fundraise which will be used to provide additional working capital to mitigate against any potential future supply chain issues.
The fundraising was completed through the issue of convertible loan notes to existing shareholders in the company.
The funding follows a raise of £1.7m on 5 August 2022, bringing the total amount raised through convertible loan notes to £2.84m.
The loan notes have a term of 18 months – with the company having the option to extend the loan notes by three months – and are both 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 at 15 pence per ordinary share, representing a 38 per cent premium to the mid-price of the company’s share price at close of business on 22 August 2022.
They carry a coupon of 8 per cent per annum and have a conversion date of 22 February 2024.Source: Insider Media