Eqtec PLC - Cork, Ireland-based thermochemical conversion technology company - Raises gross proceeds of £500,000 through direct subscription of 21.3 million shares at 2.35 pence each by strategic investor Verde Corp of US-based Verde Group. Company will use funds to contribute to ongoing working capital requirements. Verde has also committed to second subscription for shares at 4.75p each for £1 million in total.
Company also says existing shareholders Altair Group Investment Ltd and Pitcole Ltd have agreed to convert their respective outstanding balances of £174,000 and £232,000, under the £3.0 million syndicated loan facility announced in late November. The £406,000 total amount will be converted into 17.3 million shares at 2.35p each. £600,000 remains outstanding under the facility. Investors have signed lock-in agreements to prevent trading in the conversion shares until after June 30.
Current stock price: 2.80 pence, up 17% on Tuesday morning in London
12-month change: down 89%
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