By Michael Susin
Kromek Group PLC shares rose on Friday after the company said that it has completed a 1.7 million pounds ($2.1 million) fundraising via an issue of convertible loan notes.
Shares at 0707 GMT were up 1.25 pence, or 11%, at 12.75 pence. The AIM-listed supplier of detection technology said that the 18-months convertible-term loan notes have an option to convert into ordinary shares at a price of 15.0 pence a share, representing a 30% premium compared to the share closing mid-price on Aug. 4.
The company said the proceed will be used to have extra working capital to minimize any potential supply-chain disruptions with its contracts delivery this year.
The loan notes carry a coupon of 8% per year and a conversion date of Jan. 31, 2024.
Write to Michael Susin at [email protected]
