19 April 2024
EQTEC plc
("EQTEC",
the "Company" or the "Group")
Update on Verde Corporation
Subscription
Further to its announcement of 2
April 2024, EQTEC plc (AIM: EQT), a global technology innovator
powering distributed, decarbonised, new energy infrastructure
through its waste-to-value solutions for hydrogen, biofuels, and
energy generation, notifies that the Company and Verde Corporation
have agreed an amendment to the Subscription Letter to allow 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, along with the undertaking by YA-RF
Lenders not to
convert the remaining £600,000 syndicated facility, until after 30
June 2024, remains in place as previously announced.
While the Company has remained in
contact with Verde throughout this process, the Directors remind
shareholders that until the Subscription funds have been received
by the Company, 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.
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.
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation
No 596/2014, as it forms part of United Kingdom domestic law by
virtue of the European Union (Withdrawal) Act 2018, as amended, and
has been announced in accordance with the Company's obligations
under Article 17 of that Regulation.
ENQUIRIES
|
EQTEC plc
David Palumbo / Jeffrey Vander
Linden
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+44 20 3883 7009
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Strand Hanson - Nomad & Financial
Adviser
James Harris / Richard
Johnson
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+44 20 7409 3494
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Fortified Securities - Broker
Guy Wheatley
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+44 20 3411 7773
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Global Investment Strategy UK Ltd -
Broker
Samantha Esqulant
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+44 20 7048 9045
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About EQTEC
As one of the world's most
experienced thermochemical conversion technology and engineering
companies, EQTEC delivers waste management and new energy solutions
through best-in-class innovation and infrastructure engineering and
value-added services to owner-operators. EQTEC is one of only a few
technology providers directly addressing the challenge of replacing
fossil fuels for reliable, baseload energy. EQTEC's proven,
proprietary and patented technology is at the centre of clean
energy projects, sourcing local waste, championing local
businesses, creating local jobs and supporting the transition to
localised, decentralised and resilient energy systems.
EQTEC designs, specifies and
delivers clean, syngas production solutions in the USA, EU and UK,
with highly efficient equipment that is modular and scalable from
1MW to 30MW. EQTEC's versatile solutions process 60 varieties of
feedstock, including forestry waste, agricultural waste, industrial
waste and municipal waste, all with no hazardous or toxic
emissions. EQTEC's solutions produce a pure, high-quality synthesis
gas ("syngas") that can be
used for the widest range of applications, including the generation
of electricity and heat, production of renewable natural gas
(through methanation) or biofuels (through Fischer-Tropsch,
gas-to-liquid processing) and reforming of hydrogen.
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 the London Stock Exchange has awarded EQTEC the Green Economy
Mark, which recognises listed companies with 50% or more of
revenues from environmental/green solutions.
Further information on the Company
can be found at www.eqtec.com.