TIDMEQT
RNS Number : 1391J
EQTEC PLC
09 December 2022
09 December 2022
EQTEC plc
("EQTEC", the "Company" or the "Group")
Agreement of loan facility with Altair Group
EQTEC plc (AIM: EQT), a global technology innovator powering
distributed, decarbonised, new energy infrastructure through its
waste-to-value solutions for hydrogen, biofuels, and energy
generation, announces that it has today entered into a loan
facility (the "Facility") with Altair Group Investment Ltd.
("Altair"), the Company's largest shareholder.
The Facility
The Facility will provide the Company with an up to GBP2.0
million unsecured loan with a term of 24 months from the date of
execution. The Facility carries an annual interest rate of 8.0% on
funds drawn and outstanding, with interest payable quarterly in
advance. Additionally, the Company will pay a 2.5% fee for
arrangement of the Facility.
The Facility provides that the Company may, at its own
discretion, make payment against part or all of the loan in new
ordinary shares ("Shares"), such number of Shares to be calculated
by reference to the volume weighted average Share price over the
five business days immediately preceding the relevant payment date
.
Additionally, the Company will issue to Altair Group 666,666,666
warrants with a strike price of GBP0.0045, being a premium of 55
percent to the closing Share price of GBP0.0029 on 08 December
2022, valid for a period of two years.
Proceeds from the Facility will support general working capital,
acceleration of project sales and technology deployment, in
particular for the Company's Market Development Centres
("MDCs").
Related party transaction
Altair has an existing holding of 1,714,091,107 Shares,
representing 18.19 percent of the Company's issued share capital
and, as such, is a substantial shareholder as defined in the AIM
Rules. The Company's entering into the Facility is therefore a
related party transaction pursuant to Rule 13 of the AIM Rules.
Accordingly, the directors of the Company, having consulted with
the Company's nominated adviser, Strand Hanson Limited, consider
the terms of the Facility to be fair and reasonable insofar as the
Company's shareholders are concerned.
David Palumbo, CEO of EQTEC, commented:
"We are grateful to Altair for their unwavering support of EQTEC
and their continued support of our business strategy. We remain
committed to execution of our strategy, driving MDCs and key
projects to close, deploying EQTEC technology to more places, more
often and growing the business to its full potential."
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014, as it
forms part of United Kingdom domestic law by virtue of the European
Union (Withdrawal) Act 2018, as amended, and has been announced in
accordance with the Company's obligations under Article 17 of that
Regulation.
ENQUIRIES
EQTEC plc +44 203 883 7009
David Palumbo / Nauman Babar
---------------------------
Strand Hanson - Nomad & Financial Adviser +44 20 7409 3494
---------------------------
James Harris / Richard Johnson
---------------------------
Panmure Gordon - Joint Broker +44 207 886 2500
---------------------------
John Prior / Hugh RIch
---------------------------
Canaccord Genuity - Joint Broker +44 207 523 8000
---------------------------
Henry Fitzgerald-O'Connor / James Asensio
/ Patrick Dolaghan
---------------------------
Alma PR - Financial Media & Investor Relations +44 203 405 0205
---------------------------
Josh Royston / Sam Modlin EQTEC@almapr.co.uk
---------------------------
+44 207 457 2381 / +44 788
Instinctif - General Media Enquiries 788 4794
---------------------------
Chris Speight / Tim Field EQTEC@instinctif.com
---------------------------
About EQTEC plc
As one of the world's most experienced gasification technology
and engineering companies, with a growing track record of
delivering operational and commercial success for transforming
waste-to-energy through best-in-class technology innovation,
engineering and project development , EQTEC brings together design
innovation, project delivery discipline and solid commercial
experience to add momentum to the global energy transition. EQTEC's
proven, proprietary and patented technology is at the centre of
clean energy projects, sourcing local waste, championing local
businesses, creating local jobs and supporting the transition to
localised, decentralised and resilient energy systems.
EQTEC designs, supplies and builds advanced gasification
facilities in the UK, EU and US, with highly efficient equipment
that is modular and scalable from 1MW to 30MW. EQTEC's versatile
solutions process over 50 varieties of feedstock, including
forestry wood waste, vegetation and other agricultural waste from
farmers, industrial waste and sludge from factories and municipal
waste, all with no hazardous or toxic emissions . EQTEC's solutions
produce a pure, high-quality synthesis gas ("syngas") that can be
used for the widest range of applications, including the generation
of electricity and heat, production of synthetic natural gas
(through methanation) or biofuels (through Fischer-Tropsch,
gas-to-liquid processing) and reforming of hydrogen.
EQTEC's technology integration capabilities enable the Group to
lead collaborative ecosystems of qualified partners and to build
sustainable waste reduction and green energy infrastructure around
the world.
The Company is quoted on AIM (ticker: EQT) and the London Stock
Exchange has awarded EQTEC the Green Economy Mark, which recognises
listed companies with 50% or more of revenues from
environmental/green solutions.
Further information on the Company can be found at www.eqtec.com
.
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END
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December 09, 2022 02:00 ET (07:00 GMT)
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