Business
Proposed Placing and Open Offer
Proposed Placing and Open Offer.
About this update from Xeros Technology Group Plc
[{"type":"text","content":"\n \nRNS Number : 5925I Xeros Technology Group plc 27 November 2018 \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.\n \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 \n27 November 2018\n \nXeros Technology Group plc\n \nProposed Placing to raise approximately £15 million with Open Offer up to £5 million\n \nXeros Technology Group plc (AIM: XSG, 'the Company', 'Xeros'), the developer and provider of patented polymer based technologies with multiple commercial applications, intends to raise approximately £15 million before fees and expenses by a placing of 150,000,000 new Ordinary Shares with existing and new institutional investors at a placing price of 10 pence per share (the 'Placing'). \n \nIn addition to the Placing, Qualifying Shareholders will be given the opportunity to subscribe for up to 49,588,971 new Ordinary Shares through an open offer to raise up to £5 million before expenses (the 'Open Offer').\n \nCurrent position\n \nXeros develops and provides water saving technologies with multiple, IP protected, applications which are variously in development, pre-commercialisation or in commercialisation. The applications are focused on large scale markets which are being impacted by increasing water scarcity and water costs.\n \nXeros' technology increases environmental sustainability through reducing water and chemical use and effluent production and delivers cost benefits to its customer.\n \nThe Commercial Laundry business and High Performance Workwear business are both generating revenue and the Tanning business has a contract which is forecast to generate revenue in 2019.\n \nThe majority of the technical development for the Group's applications has been completed. The Group's cash burn rate has reduced and Xeros has plans for it to reduce further in 2019.\n \nUse of proceeds\n \nCleaning Technologies\n ...