Eqtec PLC - Cork, Ireland-based thermochemical conversion technology company - Raises gross proceeds of GBP500,000 through direct subscription of 21.3 million shares at 2.35 pence each by strategic investor Verde Corp of US-based Verde Group. Company will use funds to contribute to ongoing working capital requirements. Verde has also committed to second subscription for shares at 4.75p each for GBP1 million in total.
Company also says existing shareholders Altair Group Investment Ltd and Pitcole Ltd have agreed to convert their respective outstanding balances of GBP174,000 and GBP232,000, under the GBP3.0 million syndicated loan facility announced in late November. The GBP406,000 total amount will be converted into 17.3 million shares at 2.35p each. GBP600,000 remains outstanding under the facility. Investors have signed lock-in agreements to prevent trading in the conversion shares until after June 30.
Current stock price: 2.80 pence, up 17% on Tuesday morning in London
12-month change: down 89%
By Emma Curzon, Alliance News reporter
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Eqtec (EQT)