TIDMEQT
RNS Number : 3291V
EQTEC PLC
02 December 2019
2 December 2019
EQTEC plc
("EQTEC", the "Company" or the "Group")
Equity Subscription of GBP958,500 at 0.125p per Ordinary
Share
EQTEC plc (AIM: EQT), the technology solution company for waste
gasification to energy projects, today announces that it has raised
GBP958,500 before costs by way of a subscription with new and
existing investors of 766,800,000 new ordinary shares of EUR0.001
each in the Company ("Ordinary Shares") (the "Subscription Shares")
at a price of 0.125 pence per Ordinary Share (the "Subscription
Price") (the "Subscription").
In addition, subscribers will be issued with one warrant for
every two Subscription Shares subscribed for (the "Subscription
Warrants"). Each warrant is exercisable at a price of 0.25p (a
premium of 100% to the Subscription Price) for a period of 24
months from the date of admission of the Subscription Shares to
trading on AIM ("Admission").
Completion of the Subscription and Admission of the Subscription
Shares is conditional on receipt of the Subscription proceeds by
the Company.
As part of the Subscription, Altair Group Investment Limited
("Altair"), has agreed to subscribe for, in aggregate, 268,000,000
Subscription Shares, representing a cash subscription of
GBP335,000. On Admission, Altair will be interested in, in
aggregate, 1,137,432,501 Ordinary Shares representing 28.87 per
cent. of the Company's issued share capital as enlarged by the
Subscription Shares and the Conversion Shares (as defined below).
As announced on 28 June 2019, Altair can only convert its warrants
(including those announced herein) and/or convert outstanding
principal and interest under its existing debt facility with the
Company, if such conversion would not trigger an obligation under
Rule 9 of the Irish Takeover Rules to make a general offer for the
balance of issued shares in the capital of the Company.
The net proceeds of the Subscription will be used to further the
continued development of the Group's near term pipeline and for
working capital purposes.
The Company also announces that it will issue, in aggregate,
80,070,440 Ordinary Shares (the "Conversion Shares") to certain
strategic service providers (the "Strategic Providers") providing
Engineer, Procure and Construct ("EPC"), Business Development and
Advisory services to the Group, who have agreed to receive shares
in lieu of cash fees. These shares will be issued at an agreed
value per share of 0.25p, a premium of 100% to the Subscription
Price, thereby reducing the Group's creditors by EUR232,763.
Each of the Strategic Providers has entered into an agreement
with the Company whereby they have agreed not to dispose of any
Conversion Shares for a period of six months following
Admission.
Related party transaction
Altair is a substantial shareholder of the Company as defined in
the AIM Rules for Companies ("AIM Rules"). Accordingly, the
participation of Altair in the Subscription constitutes a related
party transaction pursuant to Rule 13 of the AIM Rules.
The directors of the Company, having consulted with the
Company's nominated adviser, Strand Hanson Limited, consider that
the terms of Altair's participation in the Subscription are fair
and reasonable insofar as the Company's shareholders are
concerned.
David Palumbo, CEO of EQTEC, commented:
"We are pleased to confirm this equity Subscription, as it will
strengthen the Company's balance sheet and provide working capital
to progress our near-term projects as we continue to develop,
establish and strengthen our strategic partnerships. We are
delighted to have Altair as cornerstone investor in the
Subscription and furthermore, that approximately 75% of the
remaining book was distributed among five strategic investors. In
addition, having certain of our key strategic service providers
agree to receive payment in shares at a 100% premium to the
Subscription price demonstrates, we believe, the confidence of our
key suppliers in our longer term business plan."
Admission and total voting rights
Application will be made to the London Stock Exchange plc for
Admission of the Subscription Shares and the Conversion Shares. It
is expected that Admission will become effective and dealings will
commence on or around 11 December 2019.
Following Admission, the Company will have a total of
3,939,376,247 Ordinary Shares in issue carrying voting rights. The
Company does not hold any Ordinary Shares in treasury. Therefore,
with effect from Admission, this figure may be used by shareholders
as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change to their interest in the Company, under the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation.
Enquiries
EQTEC plc +353 (0)21 2409 056
David Palumbo / Gerry Madden
Strand Hanson - Nomad & Financial Adviser +44 (0) 20 7409 3494
James Harris / James Dance / Jack Botros
SI Capital Limited - Broker +44 (0)1483 413 500
Nick Emerson / Jon Levinson
IFC Advisory - Financial PR & IR +44 (0) 20 3934 6630
Tim Metcalfe / Graham Herring / Zach
Cohen
Notes to Editors
About EQTEC plc
EQTEC is the technological solution partner for converting waste
to clean energy.
EQTEC mission is to provides sustainable technological solutions
to address two of the world's greatest challenges: managing rising
levels of waste and meeting the growing demand for clean
energy.
EQTEC's business model involves sourcing and providing
assistance in developing waste elimination projects which will
convert waste into clean energy, to which it will ultimately sell
its EQTEC Gasifier Technology ("EGT") and O&M services. EGT
enables project developers to construct waste elimination plants
and recover electrical and thermal energy from the waste
streams.
EQTEC sources projects that have a local supply of waste in need
of elimination and conversion. It builds relationships and brings
together the developers, the waste owners, the building contractors
and funders. It then supplies the energy recovery technology and
provides engineering services to the projects.
EQTEC also seeks to provide Operation & Maintenance services
to established operating co-generation plants generating recurring
revenues over the life of the projects.
The Company is quoted on AIM and trades as EQT. Further
information on the Company can be found at www.eqtecplc.com.
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END
IOEGMMGZMZGGLZM
(END) Dow Jones Newswires
December 02, 2019 06:02 ET (11:02 GMT)
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