Close of US Placing

RNS Number : 2238B

MyCelx Technologies Corporation

05 January 2015

Not for release, publication or distribution directly or indirectly, in whole or in part, in or into or from the United States of America, its territories and possessions, any state of the United States, and the District of Columbia (collectively, the "United States"), Canada, Australia, the Republic of South Africa, the Republic of Ireland or Japan or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.

This press release does not constitute or form a part of, and should not be construed as, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in MYCELX Technologies Corporation ("MYCELX" or the "Company").

THE COMPANY'S COMMON SHARES HAVE NOT BEEN REGISTERED UNDER THE US SECURITIES ACT OF 1933, AS AMENDED (THE "US SECURITIES ACT") OR ANY STATE SECURITIES LAWS (THE "STATE ACTS") AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO OR FOR THE ACCOUNT OR BENEFIT OF US PERSONS UNLESS THE SECURITIES ARE REGISTERED UNDER THE US SECURITIES ACT AND ANY APPLICABLE STATE ACTS, OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE US SECURITIES ACT AND ANY APPLICABLE STATE ACTS IS AVAILABLE. HEDGING TRANSACTIONS INVOLVING THE COMPANY'S COMMON SHARES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE US SECURITIES ACT.

MYCELX Technologies Corporation

("MYCELX" or the "Company") (AIM: MYX)

5 January 2015

Close of US Placing

Further to the announcement of the 2^nd December 2014, MYCELX Technologies Corporation (AIM: MYX) today announces the second closing of the US private placement (the "US Placing") of shares of common stock of US$0.025 par value ("Common Shares"), in accordance with Regulation D of the US Securities Act of 1933, as amended ("Regulation D"), on 31 December 2014. At the US Placing's second closing the Company has received commitments to subscribe for 78,977 Common Shares at a price of US$2.35 (150 pence) per new share raising US$185,596, in addition to the commitments to subscribe for 468,773 Common Shares raising $1,101,617 at a price of US$2.35 (150 pence) per new share at the time of the first closing on the 9^th December 2014.

Separately, the Company recently completed a UK Placing of 4,826,296 new shares of common stock of US$0.025 par value each (the "UK Placing Shares" and, together with the US Placing, the "Placings") with UK institutional investors at a price of 150 pence per new share (the "Placing Price") raising £7.2m (approximately £6.9m net of expenses).

The proceeds of the US and UK Placings will be used to fund investment in the fast-to-market lease fleet, to strengthen the balance sheet and for general working capital purposes. The Company sees clear operational advantages of an expanded lease equipment inventory. This allows the Company to mobilise three standard-sized systems for quick response, enabling the Company to accelerate the conversion of opportunities in key geographic regions.

This will also enable the Company to participate in more trials, thereby eliminating the need to prioritise trial opportunities and allowing forward deployment of lease equipment in multiple locations (e.g. Houston, MENA, Canada and India).

Connie Mixon, CEO of MYCELX, commented:

"We are delighted to have successfully completed the US Placing. The funds raised from the US and UK Placings will allow us to continue to drive growth and invest in our fast-to-market lease program."

Dealing by Director

In addition to the the revised participation of the Directors in Common Shares under the first closing of the US Placing and announced on 10 December 2014, the Company announces that S Griffith, a director of the Company, has subscribed for an additional 873 Common Shares in the second closing of the US Placing at US$2.35 (150 pence) per share, as set out below:

Director	Aggregate value of Common Shares to be acquired under the US Placing (US$)	Number of Common Shares initially acquired under the US Placing as announced on 2 December 2014	Number of additional Common Shares acquired under the US Placing as a result of the US placing price adjustment	Total number of Common Shares acquired in the second closing	Total number of Common Shares acquired under the US Placing	Resulting holding of Common Shares as % of enlarged issued share capital
S Griffith	$240,000	60,000	42,127	873	103,000	0.55%

Application for Admission

Application has been made to the London Stock Exchange (the "Exchange") for the new Common Shares issued under the second closing of the US Placing (the "US Placing Shares") to be admitted to trading on AIM. It is expected that admission of the US Placing Shares to trading on AIM ("Admission") will become effective, and dealings in the Shares will commence on AIM, at 8.00am on 9 January 2015.

On Admission, the Company will have in issue a total of 18,631,780 Common Shares.

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For further information please contact:

MYCELX Technologies Corporation

Connie Mixon, CEO

Mark Clark, CFO +1 888 306 6843

Numis Securities Limited

Corporate Finance

Stuart Skinner

Nathaniel Janks +44 20 7260 1000

Corporate Broking

James Black