EQTEC has successfully raised £500,000 through a direct subscription at a rate of 2.35p per share with Verde Corporation.
This subscription represents about 11.72% of EQTEC’s existing ordinary share capital, with the shares priced based on the mid-market closing price as of Friday, 9 February.
Verde, a new entity within a US-based group specializing in sustainability and technology, will hold a 9.67% interest in EQTEC’s expanded ordinary share capital following this subscription.
The funds raised will be allocated towards supporting EQTEC’s ongoing working capital needs.
In relation to Verde’s subscription, existing shareholders Altair and Pitcole have agreed to convert their outstanding loan balances from a £3 million syndicated loan facility, established in November, into equity.
Additionally, a UK Special Situations investor has been introduced to YA II PN and Riverfort (YA-RF Lenders) to acquire the remaining shares they possess.
About EQTEC
As one of the world’s most experienced thermochemical conversion technology and engineering companies, EQTEC delivers waste management and new energy solutions through best-in-class innovation and infrastructure engineering and value-added services to owner-operators. EQTEC is one of only a few technology providers directly addressing the challenge of replacing fossil fuels for reliable, baseload energy. EQTEC’s proven, proprietary and patented technology is at the centre of clean energy projects, sourcing local waste, championing local businesses, creating local jobs and supporting the transition to localised, decentralised and resilient energy systems.
