Xeros Technology Group has successfully raised US$6.51 million via a placing and open offer
Xeros Technology Group Plc. (AIM:XSG), the developer and provider of patented water-saving and filtration products with multiple commercial and domestic applications, has raised approximately US$6.51million, before fees and expenses, via a placing and open offer of new ordinary shares with existing and new institutional investors.
Xeros Technology Group is a platform technology group that is transforming water-intensive industrial and commercial processes. Xeros’ patented XOrbTM technology significantly reduces the amount of water used in the washing or dyeing of soft substrates such as garments and fabrics. Xeros' XDrumTM technology is a patented, simple, low-cost machine drum design which enables XOrbsTM to be introduced into and subsequently removed from process cycles in Xeros’ chosen markets. The group has signed multiple agreements to develop and license its XDrumTM and XOrbTM products in major commercial and domestic markets. XFiltraTM is a patented in-machine filtration technology which is designed to prevent harmful micro-plastics generated by washing cycles from being released into the aqua cycle. Plastics released from synthetic clothing during washing cycles is one of the single largest sources of primary micro-plastic pollution.
Oaklins Cavendish’s sister firm finnCap, based in the UK, in its role as broker and financial advisor, advised Xeros’ management team and shareholders all the way from the start to the successful completion of the transaction. During this process, the team initiated and advised on many aspects, including, among others, securing pre-commitments from cornerstone investors, deal structuring and the fundraising pricing and sizing.
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