EQTEC PLC, a global technology innovator, has successfully completed an equity placement, raising approximately £850,000 in gross proceeds. The placement was conducted at 1.4 pence per ordinary share, representing an 18% discount to the closing price on the last business day prior to the placement. The company issued 60,887,490 ordinary shares to the subscribers, with an additional 2,435,499 new shares being issued in settlement of certain fees related to the placement.
The equity placement was arranged by Fortified Securities and involved regulated stockbrokers as subscribers. The issuance of the placement shares is subject to cleared funding from the subscribers, with a portion of the proceeds set to settle through an existing broker acting as a settlement agent. Application will be made for the new shares to be admitted to AIM, and the company intends to seek further authority to allot at the next general meeting.
The proceeds from the placement are intended to be used for working capital for the company's operations and to support the execution of the previously announced strategic pivot. David Palumbo, CEO of EQTEC, expressed that the placement, along with the recent refinance through the Term Loan, provides the company with a clear capital runway to develop and execute the strategic pivot.
The company's technology is focused on delivering waste management and new energy solutions through innovation and infrastructure engineering. EQTEC's technology is designed to address the challenge of replacing fossil fuels for reliable, baseload energy and is at the center of clean energy projects, sourcing local waste and supporting the transition to localised, decentralised, and resilient energy systems.
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 has been awarded the Green Economy Mark by the London Stock Exchange, recognizing its environmental and green solutions.
This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.