Xeros proposes share placing to raise £25m

Xeros Technology Group, the developer and provider of patented polymer based technologies with multiple commercial applications, is looking to raise £25m through share placing.

AIM-listed Xeros, based in Rotherham, looks set to raise £25m before fees and expenses by a placing of 11,111,112 new ordinary shares with existing and new institutional investors at a price of 225 pence per placing share.

The placing will be structured in two parts. Proceeds will be used to accelerate commercialisation of the group’s portfolio of applications, continued investment in polymer science and engineering and the creation of intellectual property in support of commercialisation of applications.

The company said it would also deliver major operational milestones in 2018 to provide demonstrable value to commercial partners and investors across their divisions in Cleaning Technoligies, Tanning Technologies and Textile Technologies.

Mark Nichols, chief executive at Xeros, said: “We have developed unique polymer technologies which substantially reduce water, chemistry and energy usage. Over the last two years we have materially progressed their application in three world-scale markets: cleaning, tanning and textiles.

“Having completed the majority of this development, we are now progressively commercialising six business applications in our chosen markets with major milestones for each targeted in the near term. IP-rich business models with low capital intensity have been designed to provide demonstrable value to commercial partners and investors alike.

“We are delighted to welcome new investors who support our unique proposition and strategy. This fundraise enables us to progress significantly the commercialisation of our technologies and enhancement of shareholder value.”