Kromek Group PLC - Sedgefield-based detection technology supplier - Plan to raise up to GBP13.0 million through a placing, subscription and open offer. Expects to raise GBP10.0 million through placing and director subscription via issue of 66.7 million shares at 15 pence per share and to raise up to GBP3.0 million through the issue of up to 20.3 million open offer shares at the same price. Notes qualifying shareholders can apply for open offer shares on the basis of 1 new share for every 16 existing shares. Kromek will use new cash to commercialise bio-security/pathogen detectors and increase the rate of commercialisation in order to increase sales and marketing for the company's nuclear detection and medical imaging activities.
"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," says Chair Rakesh Sharm.
Intuitive Investments Group PLC, a closed-end investment company focused on the life sciences sector says it plans to participate in the placing through the purchase of 1.7 million shares for a total of GBP249,975.
Kromek's current stock price: 16.76 pence
Year-to-date change: up 50%
Intuitive Investments current stock price: 26.02 pence
Year-to-date change: up 17%
By Ife Taiwo; ifetaiwo@alliancenews.com
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Kromek (KMK)
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