Kromek completes £1.14m fundraise
NETPark based detection technology developer Kromek has completed a £1.14m fundraise which will be used to provide additional working capital to mitigate against any potential future supply chain issues.
The fundraising was completed through the issue of convertible loan notes to existing shareholders in the company.
The funding follows a raise of £1.7m on 5 August 2022, bringing the total amount raised through convertible loan notes to £2.84m.
The loan notes have a term of 18 months – with the company having the option to extend the loan notes by three months – and are both senior in ranking and unsecured.
If the loan notes are repaid other than on the repayment date, they are convertible at the investors option into ordinary shares in the capital of the company at 15 pence per ordinary share, representing a 38 per cent premium to the mid-price of the company’s share price at close of business on 22 August 2022.
They carry a coupon of 8 per cent per annum and have a conversion date of 22 February 2024.
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The North East Technology Park provides a dynamic and supportive environment to accelerate the growth of ambitious, innovative, high tech companies into global markets. NETPark encourages collaborative multidisciplinary links, driving innovation, enterprise and economic prosperity.
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We initially came because of the printable electronics centre but access to a highly skilled semi conductor workforce in the North East has been a key factor in us staying and growing here, as well as the value for money office space and the access to funding.
The quality of the facilities at NETPark and the attitude of staff is first class. It has a really dynamic, innovative atmosphere.
The proximity to the universities and the infrastructure are very important factors. Ultimately having a presence in Europe is very valuable to us and we intend to stay at NETPark for many years to come.
It fits perfectly for us that we’re surrounded by like-minded companies at NETPark. There are a number of highly skilled people in the area who can help us grow our business. The facilities and services offered by NETPark are first class, they make office life simple and engaging.
Access to quality facilities was one of the main drivers for deciding to locate the business at the NETPark. We have been able to use this as a launch pad to link into support from CPI and world-class expertise from Durham University.
CPI has developed a specialist offering to support SMEs looking to develop their printable electronics applications and our partnership with Business Durham has been instrumental in attracting several SMEs to locate here in the region.