Business
Proposed Placing
Proposed Placing.
About this update from Xeros Technology Group Plc
[{"type":"text","content":"\n \nRNS Number : 0798Z Xeros Technology Group plc 12 December 2017 \n\nTHE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.\n \n12 December 2017\n \nXeros Technology Group plc\n \nProposed Placing to raise approximately £25 million\n \nXeros Technology Group plc (AIM: XSG, 'the Group', 'Xeros'), the developer and provider of patented polymer based technologies with multiple commercial applications, intends to raise approximately £25 million before fees and expenses by a Placing of 11,111,112 new ordinary shares with existing and new institutional investors at a placing price of 225 pence per Placing Share (the 'Placing'). The Placing will be structured in two parts. \n \n \nHighlights\n· Proposed Placing will raise approximately £25 million.\n· Proceeds will be used to accelerate commercialisation of the Group's portfolio of applications; and for continued investment in polymer science and engineering and the creation of intellectual property in support of commercialisation of applications.\n· Proceeds will be used to deliver major operational milestones in 2018 which provide demonstrable value to commercial partners and investors alike:\no Cleaning Technologies - domestic markets, high performance workwear and hotel & lodging sector;\n§ In the home: as previously announced, Xeros will demonstrate its new domestic washing machine at the Consumer Electronics Show ('CES') in Las Vegas in Jan '18 with the expectation of entering licensing agreements with at least one global machine OEM;\n§ High Performance Workwear: Xeros expects to continue its penetration of the US firefighter market in 2018 and establish a business platform which provides strategic funding options for growth of this business b...