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LONDON - Xeros Technology Group plc (AIM:XSG) announced Thursday plans to raise up to £6 million through a multi-stage fundraising effort to support the commercialization of its environmental technologies for the clothing industry.
The initial fundraise will secure £3 million through a placing and initial subscription of 171,847,501 new ordinary shares at 1.75 pence per share, representing a 22.2% discount to Wednesday's closing price of 2.25 pence.
The company also plans to raise up to an additional £2 million through a follow-on subscription and up to £1 million via a retail offer to existing shareholders, both at the same issue price. The follow-on subscription is expected to close around November 26, with a retail offer announcement to follow shortly.
Proceeds will strengthen Xeros's balance sheet to execute current contracts and pursue global opportunities, while providing working capital as the company advances commercialization of its core technologies. The funds will also serve as contingency against timing of royalty income and help scale operations.
"This fundraise will ensure we continue the positive trajectory achieved in 2025, which is taking us ever closer to the global adoption of Xeros' technology," said Neil Austin, CEO of Xeros.
The fundraising is conditional on shareholder approval at a general meeting scheduled for November 28, with admission of the new shares expected around December 1.
Cavendish Capital Markets Limited is acting as nominated adviser, broker and bookrunner for the placing, which is not underwritten.
The company stated in its announcement that it has commercial and development agreements across all three of its technologies with major laundry, machinery and electronics brands that are capable of delivering meaningful revenue.
This information is based on a press release statement from the company.
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