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Kromek Group plans to raise £13m in share offer
StockMarketWire.com
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Kromek Group has said it plans to raise up to £13 million to help drive forward its growth plans.
The group has announced a conditional firm placing, directors' subscription and open offer to raise up to £13 million before expenses.
The firm placing has been undertaken with new and existing institutional investors in the company which supplies detection technology focusing on the medical, security screening and nuclear markets.
The net proceeds of the transaction will be used to de-risk and commercialise bio-security/pathogen detectors and increase the rate of commercialisation.
The company also wants to expand sales and marketing for the group's nuclear detection and medical imaging activities, and to strengthen the balance sheet and provide the Group with flexibility to address and capitalise on the current and emerging opportunities.
Rakesh Sharma, chairman of Kromek, said: This investment will help us with our next phase of growth and to become cash flow positive and achieve operational profitability.
'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.
At 2:02pm: (LON:KMK) Kromek Group PLC share price was 0p at 12.85p
Story provided by StockMarketWire.com
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