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LONDON (Alliance News) - Kromek Group PLC on Thursday said it intends to raise up to GBP21 million before expenses through a share placing and open offer.
The supplier of detection technology will place 80.0 million shares at a price of 25 pence each to raise GBP20 million.
The remaining GBP1 million will be raised via issue of up to 4.0 million shares at the same price under the open offer. Kromek shares were trading 6.2% lower on Thursday at 25.80p each.
The company intends to use net proceeds to "significantly" increase future manufacturing capacity and for associated working capital to support the growth of the medical imaging business. In addition, Kromek plans to expand sales and marketing of the D3S for nuclear radiation detection.
"Over the last three financial years we have won contracts totalling USD138 million across all of our core sectors - reflecting the conversion of our expanding order pipeline and customers increasingly launching next-generation CZT-based products," said Chair Peter Williams.
"With the growing demand for our flagship products in all our market segments, this fundraise will strengthen our ability to capitalise on these substantial opportunities," added Williams.
