LONDON (Alliance News) - Emmit PLC Tuesday said its Ximax Environmental Solutions and Ximax Oil & Gas Ltd investments are making good progress with the Xziox product in the UK, the US and the United Arab Emirates and said it would raise approximately GBP293,000 via a drawdown of a convertible loan, a warrant exercise and a share subscription with an existing shareholder.
The investing company said Ximax is making good progress with agricultural users in the UK and Ireland on its purity chlorine dioxide solution Xziox and said international development for Ximax was proceeding well, in particular in the US and the UAE.
In August, Ximax signed a ten-year deal through its US distributor, American Flow Excel LLC, to supply the FlowXcel water treatment product to ROLCO Energy Services. In the UAE, Ximax is understood to be in discussions regarding the supply of Xziox for water treatment in parks and fountains.
Elsewhere, the company said approximately GBP293,000 of new capital will be injected into the business. The funding will come from the drawdown of GBP183,785.18 in convertible loan notes by Leo Knifton, a shareholder in Emmit; the exercise of 1 million warrants by shareholder Shakeel Harun; and the issue of new shares to existing shareholder Lindsay Smith.
Emmit shares were untraded Tuesday, quoted at 112.5 pence.