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Kromek Group PLC boss 'very pleased' with £21mln raise

Through a placing and open offer of shares, the radiation detection equipment maker Kromek Group PLC (LON:KMK) has raised a total of £21mln.

CEO Dr Arnab Basu tells Proactive: ''[The raising] has got substantial backing from existing shareholders which is a real show of support but also during this placing we have been successful in bringing on four or five real blue-chip institutional new investors.''

A large proportion of the cash will be used to bolster the company’s balance sheet, although a small tranche, £3mln, has been set aside for “general working capital requirements”.

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