The Board of Kromek is pleased to announce that at its general meeting held today all of the resolutions, as set out in the circular dated 12 February 2021 relating to a conditional placing to raise £10.0 million and an open offer to raise up to an additional £3.0 million, were duly passed. The company is also pleased to announce that it has raised £3.0 million via the open offer and, accordingly, has raised total gross proceeds of approximately £13.0 million through the transaction.
The open offer closed for acceptances at 11.00 a.m. on 26 February 2021 and was oversubscribed. Valid acceptances have been received in respect of 70,437,483 open offer shares, representing approximately 347 per cent. of the open offer Shares available under the Open Offer. In accordance with the terms and conditions of the open offer, all applications made pursuant to the open offer (other than excess shares applied for under the excess application Facility) have been met in full and a scaling back exercise has been undertaken in respect of applications for excess shares. The company has therefore raised gross proceeds of approximately £3.0 million through the Open Offer.
As set out in the circular dated 12 February 2021, certain Directors of the Company indicated their intention to participate in the transaction.
Application has been made for a total of 86,954,731 new ordinary shares, to be issued pursuant to the transaction, to be admitted to trading on AIM. It is expected that Admission and dealings in the 86,954,731 new ordinary shares will commence at 8.00 a.m. on 2 March 2021. Following admission, the enlarged share capital of the company will consist of 431,851,820 ordinary shares. Therefore, the total number of voting rights in the company is 431,851,820 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the company.
This announcement should be read in conjunction with the full text of the circular posted to shareholders on 12 February 2021, copies of which are available on the company’s website www.kromek.com. The same definitions apply throughout this announcement as are applied in the circular.
News source: Kromek.