EQTEC conditionally raises $4.27M through placement

March 21, 2023 |

In the UK, EQTEC plc has conditionally raised c. £3.5 million before expenses, by way of a placing via direct subscriptions with the company by institutional and other investors of units at a price of 0.22 pence per unit. Each unit comprises one new ordinary share of €0.001 each in the company and one half of one Ordinary Share purchase warrant. Each full Warrant is exercisable at 0.33 pence per new Ordinary Share.

The company also announced the reprofiling of existing loan facilities including the conversion of certain existing debt into equity and the settlement of strategic supplier fees in new Ordinary Shares, in each case at the Placing Price.

The company has appointed Global Investment Strategy UK Limited as its Placing agent to raise up to an additional £550,000 (gross) for the company via a broker option. Existing shareholders may apply to GIS for Units pursuant to the Broker Option from the time of this announcement until 4.45 p.m. UK time on March 31, 2023.

The net proceeds from the Placing will be used for progressing Market Development Centres, maintaining business continuity and driving new Research & Development. In addition, part of the proceeds will be applied to settling a proportion of the Group’s debt.

Category: Fuels

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