top of page

Kromek completes £1.14m fundraise

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.

Comments


Other Business News

Business Durham

Catch up with the latest regional business news

Add Your News

At Business Durham, we believe that sharing positive news stories about successful businesses in County Durham is important for fostering a supportive and thriving business community. We want to encourage business owners to send us their success stories so that we can share them on our website and celebrate their achievements. We are committed to promoting the county as a great place to do business and providing a platform for businesses to showcase their successes.

Contact us today to share your story!

bottom of page