Xeros Tech Regulatory News (XSG)

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18 November 2019

Xeros Technology Group plc

Results of Open Offer

Xeros Technology Group plc (AIM: XSG, "the Company", "Xeros"), the developer and provider of patented water saving and filtration products with multiple commercial applications, announced on 31 October 2019 the details of a proposed Open Offer (the "Open Offer") to raise gross proceeds of up to approximately £2 million through the issue of up to 199,932,635 Open Offer Shares at 1p per Open Offer Share.

The Open Offer closed for acceptances at 11:00 a.m. on 18 November. The Company announces that it has received valid acceptances under the Open Offer in respect of 21,690,502 Open Offer Shares from Qualifying Shareholders. This represents approximately 10.85% 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 20 November 2019.

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.

Announcement of the results of the General Meeting and Open Offer 19 November 2019

Admission and commencement of dealings on AIM 8.00 a.m. on 20 November 2019

CREST Members' accounts credited in respect of New Ordinary Shares 20 November 2019

Despatch of share certificates for New Ordinary Shares Week Commencing 25 November 2019

(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 1 November 2019 ("Circular"). All capitalised/defined terms used in this announcement and not otherwise defined shall have the meanings given to them in the Circular.

Enquiries: 

Notes to Editors

Xeros Technology Group plc is a platform technology Group that is transforming water intensive industrial and commercial processes.

Xeros' patented XOrbTM technologies significantly reduce the amount of water used in the washing or dyeing of soft substrates such as garments and fabrics. It enables the remaining water to become far more efficient and effective in either affixing or removing molecules, the result being improvements in economic, operational, product and sustainability outcomes. The Group is applying its technology in the fields of cleaning, tanning and textiles.

Xeros' XDrumTM technology is a patented, simple, low cost machine drum design which enables XOrbs to be introduced into and subsequently removed from process cycles in Xeros' chosen markets. The design enables rotating drum machine Original Equipment Manufacturers ("OEMs") in the fields of garment manufacture and cleaning, the ability to make simple and low cost changes in their production lines to incorporate the Company's XOrbTM technology.

The Group has signed multiple agreements to develop and license its XDrumTM and XOrbTM products in major commercial and domestic markets.

XFiltraTM is a patented in-machine filtration technology which is designed to prevent harmful micro-plastics generated by washing cycles from being released into the aquacycle. Plastics released from synthetic clothing during washing cycles is one of the single largest sources of primary micro-plastic pollution. For more information, please visit - http://www.xerostech.com/

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.