(Alliance News) - Eqtec PLC on Friday said it intends to raise up to GBP15 million through a share placing, subscription and PrimaryBid offer.
The Cork, Ireland-based gasification technology solutions company said the proceeds from the fundraising will be used to support its growth existing markets and entry into new ones.
About 287.7 million shares will be issued, Eqtec said, at a price of 1.5 pence each. The price is 13% below its closing price of 1.73p on AIM on Thursday.
Eqtec shares were trading 9.9% lower in London on Friday at 1.54p each, giving the company a market capitalisation of GBP113 million.
Non-Executive Chair Ian Pearson intends to subscribe for GBP100,000 in shares, Eqtec noted.
In addition, the company said Finance Director Gerry Madden intends to retire later in 2021. Eqtec said the search for a successor is underway.
Madden will remain in the role until a new finance director is appointed to allow for transition.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Eqtec (EQT)