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(Alliance News) - EQTEC PLC on Friday said it has raised GBP750,000 via a share placing and has restructured payment obligations to lenders resulting in a reduction in its liabilities of GBP2.7 million.
The company also said it intends to undertake a cost-reduction programme in relation to its operations in the UK and Spain.
In addition, Oscar Leiva has resigned as non-executive director of the company with immediate effect to focus on his commitments to the EBIOSS Energy SE Group.
"We are pleased to have significantly reduced our payment obligations with both Altair Group Investment Ltd, Riverfort Global Opportunities PCC Ltd and YA II PN, Ltd and to have secured an extension of repayment until July 2020 with regard to the remaining balances outstanding under the facilities. This is an important step for the Group in optimising its balance sheet, " Chair Ian Pearson said.
"This debt reduction, coupled with the placing proceeds and the planned cash cost reduction measures we are undertaking, will ensure the group is better positioned for future growth," Pearson added.
EQTEC has issued 227.3 million new ordinary shares at 0.33 pence per share to new and existing investors. Shares in the company were trading 10% lower at 0.30p each on Friday afternoon.
