Original IPO at 5p29 Jul 2018 15:22
RNS Number : 2436X
EQTEC PLC
20 February 2017
20 February 2017
EQTEC plc
("EQTEC" or the "Company")
Placing, conversion of loan facility and appointment of Broker
EQTEC PLC (AIM: EQT), is pleased to announce that it has raised £500,000 (before expenses) through a placing of 10,000,000 new ordinary shares of €0.001 each in the capital of the Company ("Ordinary Shares") at 5.0 pence per share ("Placing Shares") (the "Placing").
EQTEC will use the proceeds from the Placing for working capital purposes and for continuing investment in its portfolio of projects.
In addition, the Company has also agreed with its major shareholder EBIOSS Energy AD ("EBIOSS") to convert an amount of €585,000 (£500,000) under the loan facility dated 8 January 2016, which was amended on 12 December 2016, into 10,000,000 new Ordinary Shares at a conversion price of 5.0 pence per share ("Conversion Shares") (the "Conversion"). Following the Conversion, principal of €283,000, excluding accrued interest, will be outstanding and a further €482,000 is still available to be drawn down under the loan facility.