- K-TIG (KTG) taps investors for $2 million to progress its UK nuclear strategic initiatives
- The company raised the funds through the issue of 2000 convertible debt notes with a face value of $1000 each
- The notes will automatically convert into shares, subject to the approval of K-TIG shareholders and the company completing a future capital raising of $4 million
- KTG will use the proceeds from the raise to support sales momentum, progress its UK nuclear strategic initiatives and general working capital
- K-TIG last traded at 14.5 cents in January
K-TIG (KTG) has tapped investors for $2 million to progress its UK nuclear strategic initiatives.
The company raised the funds through the issue of 2000 convertible debt notes with a face value of $1000 each.
The notes will automatically convert into shares on completion of a future capital raising, subject to the approval of K-TIG shareholders and the future capital raising totalling a minimum of $4 million.
The notes will convert at a price equal to the issue price of shares under the future planned capital raise.
On conversion, the noteholders will receive one unquoted option for every share issued, with an exercise price equal to the conversion price. These will expire roughly 36 months after the conversion date.
The proceeds from the raise will be used to support sales momentum, progress KTG’s UK nuclear strategic initiatives, expenses of the raise and general working capital.
Meanwhile, the company is in advanced negotiations to execute a long-form share sale agreement to acquire 100 per cent of Graham Engineering.
The two parties have agreed to extend the period of exclusivity to March 20, 2023, to allow for the finalisation of the long-form share sale agreement.
K-TIG last traded at 14.5 cents in January.