- Textile services group Xeros Technology has announced a placing to raise £8 million by way of an accelerated bookbuild and an open offer to raise an additional £1 million to fund the commercialisation of its filtration technology platform.

The proceeds will be raised by a placing of 3,333,333 new ordinary shares of 15p each, with existing and new institutional investors at an issue price of 240p per share and will provide all qualifying shareholders with the opportunity to subscribe for up to 416,586 new ordinary shares via an open offer at the issue price.

The fundraising will provide the funding necessary to accelerate commercialisation of its XFiltra technology for the domestic washing machine market over the next two years, with revenue anticipated in 2023.

Proceeds will also be used to continue to fund the execution of its current portfolio of contracts and development agreements and to enter into new agreements in additional geographies, as well as providing contingency funding for any further potential COVID-19 related delays.

Chief executive Mark Nichols said: 'This placing enables the development and commercialisation by licensees of our filtration technology platform, XFiltra, in the domestic washing machine market where there is now regulatory and consumer pressure to stop some 280,000,000 kilograms of microfibres from washing clothes reaching the environment.

'These fibres are now to be found across the trophic range.'

He added: 'It will also finance growth in the number of licensing contracts and high margin revenues in our XOrb/XDrum technology platform which radically reduce environmental impacts and costs across large parts of the clothing and fabric lifecycle.'

At 9:33am: [LON:XSG] Xeros Technology Group Plc share price was 0p at 1.47p

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