Results of Open Offer

RNS Number : 4443D

Xeros Technology Group plc

19 October 2022

 

For immediate release

 19 October 2022

Xeros Technology Group plc

("Xeros", the "Group" or the "Company")

Results of Open Offer

Xeros Technology Group plc (AIM: XSG), the creator of technologies that reduce the impact of clothing on the planet, announced on 30 September 2022 the details of a proposed Open Offer (the "Open Offer") to raise gross proceeds of up to approximately £1.0 million through the issue of up to 20,386,699 Open Offer Shares at 5 pence each.

The Open Offer closed for acceptances at 11:00 a.m. today. The Company announces that it has received valid acceptances under the Open Offer in respect of 7,195,640 Open Offer Shares from Qualifying Shareholders. This represents approximately 35.30% of the Open Offer Shares offered to Qualifying Shareholders pursuant to the Open Offer.

The Open Offer is conditional upon (1) the approval by Shareholders of all of the Resolutions at the Company's General Meeting being passed and (2) Admission occurring.

Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM. It is expected that Admission will become effective and dealings will commence in the New Ordinary Shares at 8.00 a.m. on 21 October 2022.

This announcement should be read in conjunction with the full text of the circular issued on 3 October 2022 ("Circular"). All capitalised/defined terms used in this announcement and not otherwise defined shall have the meanings given to them in the Circular.

Enquiries:

Xeros Technology Group plc Neil Austin, Chief Executive Officer Paul Denney, Chief Financial Officer	Tel: [phone]
finnCap Limited (Nominated Adviser & Broker) Julian Blunt / Teddy Whiley / George Dollemore, Corporate Finance Andrew Burdis / Sunila de Silva, ECM	Tel: [phone]
Yellow Jersey PR Sarah Hollins / Lilian Filips / Laurie Gellhorn	Tel: [phone]

Notes for editors:

POWERED BY SCIENCE, XEROS CREATE TECHNOLOGIES ENGINEERED FOR THE FUTURE

Born out of textile research and advancing new standards of performance and responsibility, Xeros' technologies revolutionise the way we make and clean our clothes, conserving water and preventing waste. Designed to impact industries and people on a global scale, Xeros transforms the performance, impact and economics of the fashion and washing machine industry.

Xeros enables the scaling of its innovations and impact by licencing its intellectual property to partners across the globe. Their work has, to date, created 38 patent families.

Xeros' technologies are already in use in major global industries, including commercial and home laundry and garment manufacture. So far, these technologies have saved millions of litres of water and could prevent billions of microfibres from ending in our oceans.

TO THE POWER OF CHANGE

xerostech.com

 

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