Kromek Group Plc (AIM: KMK), a UK based technology company, developing high performance materials and products for radiation detection, is pleased to announce that its shares will today be admitted to trading on AIM.

The Company has raised £15 million before expenses through the sale of new ordinary shares at a price of 51 pence per share in an oversubscribed fundraising. At admission, the Company will have a total of 107,607,335 ordinary shares in issue.

The proceeds of the fundraising will be used for product development, expansion of the sales and marketing team, investment into the Company’s intellectual property portfolio, capital expenditure to support future growth and manufacturing capability, working capital and strengthening the balance sheet, including paying down outstanding loans.

Arnab Basu, CEO, commented: ‘We are delighted with our oversubscribed fundraising. After many years developing the business and our technology, Kromek is ready to begin harvesting value by seizing the opportunities to sell our technology and products into the medical imaging, security screening and nuclear detection markets.

He added, ‘With the proceeds of the IPO, we will invest in the company’s IP portfolio and manufacturing capabilities, whilst accelerating our commercial activities in our chosen markets. We will continue to develop relationships with some of the world leading companies in our target sectors. We welcome our new shareholders and I look forward to working with them in order to achieve Kromek’s full potential.’