XCounter AB Announces Proposal to Raise

Wednesday, December 22, 2010

Proposed placing of 77,470,412 new Ordinary Shares at 2.5 pence each 

XCounter AB (publ) (AIM:XCT) is pleased to announce that it proposes to raise approximately £1.936 million (approximately £1.815 million net of expenses) by way of a Placing of 77,470,412 Placing Shares at a price of 2.5 pence per share. The net proceeds of the Placing will provide funding for the Group’s organic growth strategy and business.

Highlights:

• Placing of 77,470,412 Placing Shares at a price of 2.5 pence per share to raise approximately £1.936 million (approximately £1.815 million net of expenses).
• Proposed appointment of Yngvar Hansen-Tangen as a Non-Executive Director of XCounter.
• Commencement of the project to develop XCounter’s new Mammo CT detector funded by Artemis.

Lothar Koob, Chairman of XCounter, commented:
“Throughout 2010, XCounter has made significant progress towards our ambition of
becoming a technology leader. In particular, I am pleased to see XCounter in combination with AJAT now ready to address the growing interest in high performance X-ray detector technology – both in medical as well as industrial applications. The start of the Mammo CT project is a big step forward and proves the validity of the technology applied to a very radiation sensitive application. This fundraising enables XCounter to build on its progress over the past 12 months and move into 2011 with confidence.”

Further details of the business and strategy of the Group, details of the Placing and an
explanation why the Directors believe that the Placing is in the best interests of the Company and the Shareholders is set out below.

For further information, please contact: 
XCounter AB 
Lothar Koob, Chairman Tel: +46 (0) 8 622 23 00
Mikael Strindlund

Nomura Code Securities Limited 
Phil Walker Tel: +44 (0) 207 776 1200
Clare Terlouw

Capital MSL 
Anna Davies Tel: +44 (0) 207 307 5330
Mary Clark

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