Xeros Tech Regulatory News (XSG)

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24 March 2021

Xeros Technology Group plc

Results of Open Offer

Xeros Technology Group plc (AIM: XSG, "the Company", "Xeros"), the developer and licensor of technologies which reduce the environmental impact and cost of clothing and fabrics, announced on 5 March 2021 the details of a proposed Open Offer (the "Open Offer") to raise gross proceeds of up to approximately £1 million through the issue of up to 416,586 Open Offer Shares at 240 pence each.

The Open Offer closed for acceptances at 11:00 a.m. on 23 March. The Company announces that it has received valid acceptances under the Open Offer in respect of 456,183 Open Offer Shares from Qualifying Shareholders. This represents approximately 110% of the Open Offer Shares offered to Qualifying Shareholders pursuant to the Open Offer. As applications cannot be satisfied in full, applications for New Ordinary Shares under the Excess Application Facility will be scaled back in accordance with the terms set out in the Circular.

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 26 March 2021.

Expected timetable of principal events

Each of the times and dates is subject to change without further notice. Please refer to the notes for this timetable set out below.

General Meeting 10:00 a.m. on 25 March 2021

Admission and commencement of dealings on AIM 8.00 a.m. on 26 March 2021

CREST Members' accounts credited in respect of New Ordinary Shares 26 March 2021

Despatch of share certificates for New Ordinary Shares by 9 April 2021

(Note: each of the above dates is subject to change at the absolute discretion of the Company and finnCap. All events listed in the above timetable following the General Meeting are conditional on, inter alia, the passing of the Resolutions at the General Meeting. All of the above times refer to London times).

This announcement should be read in conjunction with the full text of the circular issued on 8 March 2021 ("Circular"). All capitalised/defined terms used in this announcement and not otherwise defined shall have the meanings given to them in the Circular.

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About Xeros Technology Group plc

Xeros Technology Group plc has developed and licenses two platform technologies which transform sustainability, performance and economics in the manufacturing and laundering of garments and fabrics.

Xeros' patented XOrbs™ which are used in conjunction with the company's XDrum™ technology significantly reduce the amount of water and chemistry used in the dyeing, finishing or laundering of garments and fabrics. They increase the efficiency of these processes which require molecules to be either affixed or removed from substrates. In the case of laundry, they are proven to significantly increase the life of clothes and fabrics. The results being major improvements in economic, operational, product and environmental outcomes.

Xeros' XDrum technology is a low-cost machine drum design which enables XOrbs to be introduced into and subsequently removed from process cycles. The design provides Original Equipment Manufacturers with the ability to make simple changes to their products to incorporate the Company's XOrb technology.

The Group has signed multiple license agreements for its XDrum and XOrb technologies with leading OEMs in major commercial and domestic markets.

XFiltra™ is the Company's proprietary washing machine filtration technology which prevents harmful microfibres including microplastics, generated during washing cycles, from being released into the world's rivers and oceans. Microfibres released into the environment from clothing and fabrics during their laundering, being a major source of pollution in the environment and contamination in the food chain.

finnCap, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority ("FCA"), are acting exclusively for the Company and for no‐one else in relation to the Placing, and will not be responsible to any other person for providing the protections afforded to their respective clients nor for providing advice in connection with the matters contained in this announcement.

No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by finnCap nor by any of their respective affiliates, partners or agents (or any of their respective directors, officers, employees or advisers), as to or in relation to, the contents, accuracy or completeness of this announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, or any other statement made or purported to be made by or on behalf of finnCap or any of their respective affiliates in connection with the Company or the Placing, and any liability therefor is expressly disclaimed.

FinnCap and each of their respective affiliates accordingly disclaim all and any liability, whether arising in tort, contract or otherwise (save as referred to above) in respect of any statements or other information contained in this announcement.

This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the Placing Shares. Any investment decision to buy Placing Shares in the Placing must be made solely on the basis of publicly available information, which has not been independently verified by finnCap.