THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310

 11 December 2024

SulNOx Group Plc (the "Company" or "SulNOx")

Further Subscription for New Shares

Update on Exercise of Warrants

Holdings in the Company

(Aquis Stock Exchange: SNOX)

Subscription for New Shares

The board of directors of the Company (the "Board") is pleased to announce that it has raised a further £300,000 from certain existing shareholders, including an institutional investor, and new investors (the "Investors").

The Investors have agreed to subscribe for a total of 571,428 new ordinary shares of 2 pence each ("Ordinary Shares") at a price of 52.5 pence per Ordinary Share (representing a discount of 11.5% to the average closing price of the Ordinary Shares for the 5 trading days up to and including 6 December 2024 of 59.3p) (the "Subscription").

Under the Subscription, the Investors will also receive warrants to subscribe for further Ordinary Shares at a price of 66.1 pence per Ordinary Share (the "Warrants").  The Investors will receive 1 Warrant for every 2.5 new Ordinary Shares subscribed.  A total of 228,569 Warrants will be issued. The Board will seek new allotment authorities relating to the Warrants at the Company's 2025 annual general meeting, with the Warrant holders having 3 years from the date that the new authorities are granted to exercise the Warrants.  Should new allotment authorities not be granted at the Company's 2025 annual general meeting, such authorities will be sought at the 2026 and 2027 meetings.

The proceeds from the Subscription will be utilised for the working capital requirements of the Company. 

Among the investors under the Subscription is the Unicorn AIM VCT plc ("Unicorn"), which has been a significant shareholder in the Company since July 2021.  Unicorn has subscribed for 285,714 new Ordinary Shares.

The new Ordinary Shares will be allotted under the Company's existing unspent share issue authorities and are expected to be admitted to trading on the AQSE Growth Market on 17 December 2024 ("Admission"). 

Update on Exercise of Warrants

The Board is pleased to announce that further to the announcement of 3 December 2024, the completed documentation and payment have been received for the exercise 1,159,420 warrants at an exercise price of 29 pence per Ordinary Share of 2 pence each. 

Holdings in the Company

On Admission, Unicorn will hold 6,822,279 Ordinary Shares, equivalent to 5.39% of the issued Ordinary Shares.

The Company has been informed that one of the Company's significant shareholders, Angela Bravo, has transferred part of her holding in the Company from Sungold Escrow Nominees Ltd to Sungold Asset Management Ltd, both companies controlled by Ms Bravo.  All other details regarding Ms Bravo's holding are as reported in the announcement of 3 December 2024.

Total Voting Rights

On Admission, the Company will have 126,583,870 Ordinary Shares in issue, each with one voting right. The Company does not hold any shares in treasury and therefore the total number of voting rights in the Company is 126,583,870. This figure should be used by shareholders from Admission 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 FCA's Disclosure Guidance and Transparency Rules.

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