Fundraise reinforces commercialisation strategy at cleaning technology firm
Xeros Technology, which has developed ways to reduce the environmental impact of cleaning clothing, has revealed the result of a multi-million pound fundraise.
The Rotherham-headquartered business says it has conditionally raised gross proceeds of about £4.55m, through the successful placing (comprising the firm placing and the conditional placing) and subscription of 303,688,231 new ordinary shares at an issue price of 1.5 pence per share.
In addition to the placing and subscription, the company is providing all shareholders with an opportunity to subscribe for an aggregate of up to 66,666,666 retail offer shares at the issue price, to raise up to £1m.
Proceeds of the fundraising will be used to strengthen the company’s balance sheet, enabling execution of current contracts and pursuit of global opportunities.
It will provide working capital as Xeros advances commercialisation of its Core Technologies, while also helping the business to scale operations and accelerate development of other markets and applications for its products.
Neil Austin, CEO, said: “Our technology solutions drive significant cost, energy and water efficiencies for our customers while reducing pollution in both the manufacture and laundering of clothing.
“The fundraise puts the group in the strongest possible position to execute its commercialisation strategy, which is focused around high-margin licence fees and recurring consumable revenue.”
