EQTEC PLC has provided an update on its agreement with Verde Corporation, allowing for the proceeds of the Subscription to be received by the Company on or prior to 16 May 2024. The agreement for conversion of debt into equity by significant shareholders Pitcole Limited and Altair Group Investment Limited remains in place, along with the undertaking by YA-RF Lendersnot to convert the remaining £600,000 syndicated facility until after 30 June 2024. The Company's £3.00 million syndicated funding facility, announced on 20 November 2023, remains in place, with a current drawn amount of £950,000 with £2.05 million left undrawn.
The Company has emphasized that until the Subscription funds have been received, Admission will not take place, and the Subscription will not complete. A further update announcement will be made in due course, including confirmation of the admission date of the First Tranche Shares and the Conversion Shares.
EQTEC is a global technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation. The company delivers waste management and new energy solutions through best-in-class innovation and infrastructure engineering and value-added services to owner-operators. 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 the London Stock Exchange's Alternative Investment Market (AIM) (ticker: EQT) and has been awarded the Green Economy Mark by the London Stock Exchange, recognizing listed companies with 50% or more of revenues from environmental/green solutions.