Eqtec PLC on Friday - Cork, Ireland-based thermochemical conversion technology company - Says it agrees with Verde Corp to the amendement of a subscription letter first issued in early April for the conversion of debt into equity by shareholders Pitcole Ltd and Altair Group Investment Ltd. This comes after it was announced on April 2 that the Verde subscription had been postponed at the request of Verde, and that Eqtec had agreed to this delay in exchange for improved commercial terms with regards to the subscription price for the second tranche and the exercise price of its warrants. Under the new deal, the first subscription is for a cash consideration of GBP500,000 for 21.3 million shares at 2 pence each, or GBP0.024. The second subscription is for GBP1.0 million for 18.9 million shares at 5 pence each, or GBP0.053. Says agreement allows for funds to be received by May 16.
Current stock price: 1.90 pence, down 2.6%
12-month change: down 91%
By Sabrina Penty, Alliance News reporter
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Eqtec (EQT)