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(Sharecast News) - Medical, security screening and nuclear-focussed detection technology company Kromek announced a fundraising of up to £13m before expenses on Friday, in a bid to de-risk and commercialise its biosecurity and pathogen detectors, among other things.
The AIM-traded firm said the funds were being raised via a firm placing, directors' subscription and open offer, with the firm placing undertaken with new and existing institutional investors in the company.
It said the proposed conditional firm placing and directors' subscription would raise £10m through the issue of 66,666,667 placing shares with new and existing institutional and other investors at 15p each.
The proposed open offer, meanwhile, would raise up to about £3m through the issue of up to 20,288,064 shares to qualifying shareholders, also at 15p each.
It said the net proceeds would be used to de-risk and commercialise biosecurity and pathogen detectors, and increase the rate of commercialisation, expand sales and marketing for the group's nuclear detection and medical imaging activities.
They would also be used to strengthen the balance sheet and provide it with flexibility to address and capitalise on "current and emerging" opportunities
"This investment will help us with our next phase of growth and to become cash flow positive and achieve operational profitability," said chairman Rakesh Sharma.
"These funds in the short term will enable us to accelerate the commercialisation of our biological threat detection technology as well as the delivery of our nuclear detection and medical imaging pipeline.
"As such, the board recommends all shareholders to vote in favour of the proposals, which will allow us to capitalise on the substantial opportunities with which we are presented."
At 1523 GMT, shares in Kromek Group were down 16.13% at 16.48p.
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