Zenova Group PLC (AIM: ZED), a provider of innovative fire safety and heat management technology and products, is pleased to announce that it has raised gross proceeds of £500,000 by way of a placing of 12,500,000 ordinary shares at four pence (4p) each (“the Placing”). The proceeds of the Placing will provide general working capital as the Company continues to implement its growth strategy.

On receipt of the net proceeds of the Placing, the Company will have cash resources of approximately £0.7 million. In addition, as detailed in the Final Results announcement earlier today, the Company has available a £350,000 working capital loan under which no funds have been drawn down.

Admission and Total Voting Rights

Application will be made to the London Stock Exchange for the admission of the 12,500,000 new ordinary shares to trading on AIM (“Admission”). Admission is expected to occur at 8.00 a.m. on or around 6 June 2023.

Following Admission, the total number of voting rights in the Company will be 105,884,053. As the Company holds no shares in treasury, this figure can be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Rules.

Tony Crawley, Chief Executive of Zenova Group plc commented: “We are pleased to have secured additional funding to provide working capital as we continue our focus on sales growth over the next twelve months and beyond.”

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About Zenova Group PLC

The Group, through Zenova Ltd, is the holder of intellectual property that underpins a suite of fire safety and temperature management products and technology. The product range is applicable to industrial, commercial, and residential markets. The Group’s solutions include fire retardant paints, insulating paints and render, fire extinguishing fluid and applications. Through innovative development, and a refined formulation and development process, Zenova provides industry leading solutions across a range of fire protection and temperature management problems, comprising:

Zenova FP

A water-based fire-protection paint that prevents ignition and spread of fire. It can be used in commercial, industrial, and domestic applications on a variety of materials, from wood to metal.

Zenova FX

Patent pending fire extinguisher filled with proprietary Zenova Fluid (Zenova FXB) that extinguishes all types of fires, reduces chances of re-ignition, works in cold (-15 ̊C) conditions, is non-toxic and does not produce harmful by-products.

Zenova FX500

A high-performance handheld fire extinguisher that is tested by independent experts and adheres to the highest industry standards. The fire extinguisher is safe to use on any type of fire, reduces the risk of reignition once the fire has been extinguished and has been tested to the BS 6165 standard. It boasts an efficient and compact design, allowing for it to be dispersed from any 360° orientation, which ensures that the Zenova FX500 is convenient to handle and simple to operate while providing the user with a highly effective and fast working fire extinguisher.

Zenova IP

Thermal insulation paint that creates a thermal barrier, provides thermal reflection of sunrays and infrared radiation, anti-condensation, and anti-mould properties. It can be applied to virtually any exterior or interior material, regardless of the surface.

Zenova IR

Thermal insulation render to enhance the effectiveness of insulation by creating a thermo shield. It fills all cavities and gaps regardless of geometric shape and creates a vacuum – the most effective insulator.

Zenova WB

A wildfire barrier fluid (applied via spray wands or aerial drops), which provides a virtual barrier where fire simply will not burn. Repeated tests on a variety of extremely dry wildfire fuels (grasses, hays, brush) demonstrates the incredible fire resistance Zenova WB provides, while remaining viable after application for 30+ days in dry conditions.

Zenova CS

Patent pending next generation ceiling sprinkler filled with proprietary Zenova Fluid (Zenova FXB) that removes the need to install large fluid tanks, piping, complicated equipment, and software. This sprinkler could be installed in the kitchen.

The Group has achieved this without compromising the sustainability of natural and economical resources, including personal health and safety, with ecologically sound products.