RE: Conversion price14 Dec 2018 08:13
3 October 2018
EQTEC plc
("EQTEC" or the "Company")
Increase in existing loan facility
EQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, is pleased to announce that it has executed final legal documentation amending the existing secured loan facility ("Amended Loan Agreement") entered into by the Company on 5 July 2018 with Cuart Investments Fund and associates (the "Lenders").
As reported on 27 September 2018 subject to final legal documentation, the Company and the Lenders agreed to amend the existing Loan Agreement such that the secured loan facility is increased by up to US$10 million (approximately £7.6 million). The Company will receive net approximately US$0.8 million after expenses from the first Tranche to be drawn down today.
The Company has today granted warrants to the Lenders over 33,350,318 Ordinary Shares at an exercise price of 1.57 pence per Ordinary Share exercisable within three years from the date of grant.
Under the Amended Loan Agreement, a commitment fee of US$136,000 is payable by the Company to the Lenders through the issue of 8,349,546 Ordinary Shares in the Company to the Lenders at an issue price of 1.2542 pence per share. Application will be made for the admission to AIM of these new ordinary shares and trading is expected to start on 9 October