EQTEC PLC has announced a drawdown on its syndicated debt facilities and proposed reduction to balances outstanding under the long-term secured facility with YA II PN Ltd and Riverfort Global Opportunities PCC Limited. The drawdown of £245,000 from the New Syndicated Facility is intended to provide working capital in advance of the anticipated receipt of the proceeds from the settlement with Logik Developments. The Refinance Investors will be granted an aggregate of 7,359,671 warrants in the Company with an exercise price of £0.02656 per Warrant.

The company has also agreed to repay the drawdown, inclusive of fees and coupon, to the Refinance Investors upon the closing of the Verde Subscription or the Logik settlement. Additionally, 20% of the proceeds of the Logik settlement amounting to £400,000 will be paid to the YA-RF Lenders to reduce the balances outstanding pursuant to the YA-RF Secured Facility. Riverfort Global Opportunities PCC Limited has agreed to convert part of the outstanding balances of the YA-RF Secured Facility by subscribing £200,000 for 12,802,031 shares in the Company at an issue price of 1.562p per share.

The new Ordinary Shares pursuant to the conversion will rank pari passu in all respects with the Company's existing Ordinary Shares. It is expected that Admission will become effective and that dealings in the new Ordinary Shares on AIM will commence at 8.00 a.m. on or around 13 May 2024. Following Admission, there will be 194,287,921 Ordinary Shares in issue. David Palumbo, CEO of EQTEC, expressed gratitude for the additional funding, stating that it will provide the company with the flexibility required to address working capital requirements, pending the anticipated Logik settlement payment.

This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No596/2014. EQTEC plc is a global technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation. EQTEC delivers waste management and new energy solutions through best-in-class innovation and infrastructure engineering and value-added services to owner-operators.