Issue of Shares and Warrants

9 December 2021

Fox Marble Holdings plc

("Fox Marble" or the "Company")

Issue of Shares and Warrants

·     Placing to raise £500K at 1.3p per share

·     Proceeds will be used to expand processing operations to cater for expected increased demand

·     Targeting revenue growth in 2022 following the COVID-enforced shutdowns in 2020-21

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region announces that it has issued in aggregate 38,461,539 new ordinary shares ("Placing Shares") at a price of 1.3 pence (the "Placing"), raising gross proceeds of £500,000. Investors in the Placing will also receive one warrant for every two Placing Shares to subscribe for one new ordinary share in the Company at an exercise price of 2 pence per share which are exercisable at any time from Admission (as defined below) up until the third anniversary of Admission.

Background to Placing and Use of Proceeds

Over the last six months the Company has witnessed an uplift in demand for its cut and polished marble, some of which has already translated into firm orders. Accordingly, the Company has elected to raise funds to acquire additional machinery and working capital to meet this increased demand. This expanded capacity is also expected to enable the Company to enter into additional contracts with new customers over the coming months.

The Company is currently fulfilling contracts worth €1.35M and has signed additional contracts, due to commence in 2022, for approximately €2.3M. This includes the recently announced new Joint Venture with UAE based Al Bab Al Mumtaz, which provides for a minimum commitment of €0.5M in 2022, increasing to approximately €1M in 2023.

A small portion of the funds from the Placing will be used for the establishment of a new marketing area, not only for the Company's cut and polished stone, but importantly for its block marble, which over the last few months has seen a resurgence of interest from buyers in the Middle East and Far East. The Company has not accounted for any block marble sales in its order book, but if interest persists it is likely to provide a boost to 2022 revenue.

Chris Gilbert, CEO of Fox Marble, commented:

"I am pleased with the level of support shown by investors in this financing. The pricing of the Placing, effectively at market, highlights the positive investment case and opportunity the Company provides.

Our operations were hindered by the COVID pandemic during 2020-2021, particularly given the nature of our business. However, we have seen a significant return in demand and feel now is the right time to invest in our infrastructure to meet this increased appetite. The equipment we are acquiring has already been sourced and the Company expects it to be delivered and installed in Q1 2022.

This expansion now gives the Board the confidence to conclude further contracts with parties the Company has been in dialogue with for some time. I am also heartened by the uptick in enquiries with respect to the purchase of block marble, a revenue stream that has been closed off since the emergence of the COVID pandemic in 2020.

I am therefore optimistic that 2022 will prove to be a turning point for the Company. It is also likely to be the year where FOX Marble is able to present its case in the court of International Arbitration on its €195M legal case against the Republic of Kosovo. Legal proceedings are fully funded and are being led by Dentons Europe CS LLC."

Admission & Total Voting Rights

The Placing Shares will rank pari passu with the existing ordinary shares in all respects. Admission to AIM of the Placing Shares will occur on or around 15 December 2021 ("Admission"). Following the admission of the 38,461,539 Placing Shares, the total issued share capital of the Company will be 417,333,553 ordinary shares, each with voting rights. The Company does not hold any ordinary shares in treasury and the above figure may 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 Disclosure and Transparency Rules.

 This announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (amendment) (EU exit) Regulations 2019/310. The Directors of the Company take responsibility for this announcement.
 

For more information on Fox Marble please visit www.foxmarble.net or contact:

Fox Marble Holdings plc

Chris Gilbert, Chief Executive Officer

Tel: +44 (0)20 7380 0999

Fiona Hadfield, Finance Director

Tel: +44 (0)20 7380 0999

Quatro PR

Gary Pleasants

Tel: +44 (0)207 566 7963/+44 (0)7966 487 739

Mark Herbert

Tel: +44 (0)7770 381608

Brandon Hill (Joint Broker)

Oliver Stansfield

Tel:  +44 (0)20 3463 5000

Allenby Capital (Joint Broker)

Nick Naylor/Nick Athanas/Liz Kirchner (Corporate Finance)

Amrit Nahal (Sales and Corporate Broking)

Tel:  +44 (0)20 3394 2973

Cairn Financial Advisers (Nomad)

Liam Murray/Sandy Jamieson/Ludovico Lazzaretti

Tel: +44 (0)20 7213 0880

Notes to Editors

Fox Marble (AIM: FOX) is a marble production, processing and distribution company with operations in Kosovo and the Balkans.

Its marble products, which include Alexandrian Blue, Alexandrian White, Breccia Paradisea, Etruscan gold and Grigio Argent, are gaining sales globally to wholesale companies and directly to luxury residential properties.  In the UK these include St George's Homes and Capital and Counties Plc's Lillie Square development.  In Sydney, Australia, Rosso Cait, Alexandrian White and Breccia Paradisea have been used in what is expected to be Australia's most expensive residential property.  These sales serve to demonstrate the desirability of Fox Marble's premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world.

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors