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Xeros Technology Group PLC - Rotherham, South Yorkshire-based laundry and garment technology group - Raises GBP8.0 million in 3.3 million share placing at 240 pence per share announced earlier on Friday. Says it is also planning an open offer for shareholders to subscribe for up to 416,586 shares at the same price in order to raise up to GBP1.0 million for development funding. Notes fundraising is conditional on approval from shareholders at the general meeting on March 25.
"This placing enables the development and commercialisation by licensees of our filtration technology platform, XFiltraTM, in the domestic washing machine market, where there is now regulatory and consumer pressure to stop some 280 million kilograms of microfibres from washing clothes reaching the environment. It will also finance growth in the number of licensing contracts and high margin revenues in our XOrbTM/XDrumTM technology platform, which radically reduce environmental impacts and costs across large parts of the clothing and fabric lifecycle," says Chief Executive Mark Nichols.
Current stock price: 255.70p, up 5.2% on Friday
Year-to-date change: up 46%
By Zoe Wickens; zoewickens@alliancenews.com
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