EQTEC plc (AIM: EQT), a world-leading gasification technology solutions company for sustainable waste-to-energy projects, is pleased to announce that it has agreed an unsecured term loan facility of £1.25 million (the “Loan Facility”) with Altair Group Investment Limited (“Altair”), a substantial shareholder in the Company.
The Loan Facility is for a term of 12 months and the principal and any accrued interest are repayable in full on 31 December 2021 but the company can repay the loan early without penalty. The Loan Facility is unsecured and has a coupon of 6% per annum, payable quarterly in arrears. The Loan Facility will be used to pay all sums due to the “Riverfort Lenders” (being, collectively, Riverfort Global Opportunities PCC Ltd and YA II PN, Ltd) in full and final settlement of amounts owed to them, releasing and discharging any secured assets and obligations under any previous agreements with the Riverfort Lenders.
Related party transaction
Altair has an existing holding of 1,373,424,441 Ordinary Shares in the Company representing 19.66 per cent. of the Company’s issued share capital and, as such, is a substantial shareholder as defined in the AIM Rules for Companies (“AIM Rules”). As a result, entry into the Loan Facility with Altair is a related party transaction pursuant to Rule 13 of the AIM Rules. Accordingly, the directors of the Company, having consulted with the Company’s Nominated Adviser, Strand Hanson Limited, consider the terms of the Loan Facility to be fair and reasonable insofar as the Company’s shareholders are concerned.
This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company’s obligations under Article 17 of that Regulation.
About EQTEC plc
EQTEC is a world-leading advanced gasification technology partner with proven proprietary patented technology for waste-to-value applications.
EQTEC designs and supplies advanced gasification solutions that have a higher efficiency product offering and are modular and scalable from 1MW to 25MW. EQTEC’s versatile solutions are independently proven to process over 50 different types of feedstock, including municipal waste, agricultural waste, biomass and plastics with no hazardous waste or toxic emissions . EQTEC’s solutions produce a uniquely pure high-quality synthesis gas (syngas), that is capable of being used for the widest applications in the creation of energy, hydrogen and biofuels.
Proprietary technology design together with deployment and maintenance capabilities mitigate the risks when using third party equipment. EQTEC’s Technology Integration capabilities enable the Group to lead collaborative ecosystems that build sustainable, waste elimination and green energy infrastructure.
The Company is quoted on AIM (ticker: EQT) and the London Stock Exchange awarded EQTEC the Green Economy Mark that recognises listed companies with 50% or more of revenues from environmental/green solutions.
