XCounter announces it is raising £2.35 million

 

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XCounter proposed placing of 47,033,827 new Ordinary Shares at 5 pence each

XCounter AB (publ) (AIM:XCT), is pleased to announce that it proposes to raise £2.35 million (approximately £2.09  million net of expenses) by way of a Placing of 47,033,827 Placing Shares at a price of 5 pence per share.  The net proceeds of the Placing will be used to fund the Group’s growth strategy, enabling the Group to become a sustainable profitable business as described below. 

Lothar Koob, Chairman/CEO of XCounter, commented: 

“We believe that this fundraising will enable the Group to move into sustainable profitability. We are delighted with the level of support both from existing shareholders and from a number of new investors. We look forward to maximising the potential within the business and to increasing shareholder value.”

A circular setting out further details of the Placing and the Extraordinary General Meeting together with Forms of Proxy and a CDI Voting Registration Form (if applicable) will be posted to Shareholders and CDI Holders on 15 December 2009.

The Directors believe that current cash will support the Company until mid January 2010. If the Resolutions are not passed, or the Placing does not take place, unless the Company obtains immediate alternative funding, it would be required to cease to trade.

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