NETPark Headquartered Kromek raise $13m

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.

Arnab Basu CEO of NETPark based Kromek

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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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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.

Dr Arnab Basu, - CEO, Kromek

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.

Dr Jon Helliwell, - Director of Printable Electronics, CPI

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.

Ken Williamson, - COO, PragmatIC Printing

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.

Steve Clements, - Managing Director, aXenic

The quality of the facilities at NETPark and the attitude of staff is first class. It has a really dynamic, innovative atmosphere.

Dr Neil Loxley, - Chief executive, IBEX

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.

Stuart Wilson, - CEO, Ascarii
2021-03-02T09:57:04+00:00
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