REG - EQTEC PLC - Holdings in MetalNRG plc and Convertible Loan Note

EQTECAnnouncement

07/10/2022 07:00

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RNS Number : 1486C  EQTEC PLC  07 October 2022

07 October 2022

EQTEC plc

("EQTEC", the "Company" or the "Group")

 

Holdings in MetalNRG plc and Convertible Loan Note

 

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, announces that, further to the
Framework Partnership Agreement with MetalNRG plc (LON: MNRG) ("MNRG")
announced on 16 December 2021 and subsequent to the Company's receipt of
100,000,000 shares of MNRG in a share-for-share exchange, the Company acted as
guarantor for a Convertible Loan Note entered into by MNRG on 02 February 2022
with Global Investment Strategy UK Limited ("GIS").

 

Further, and in satisfaction of the Company's guarantee obligations to GIS,
the Company transferred £100,000 worth of MNRG shares to GIS (being
100,000,000 Ordinary Shares at an average price of 0.1p per share after costs)
on 03 October 2022. On the basis of this transaction, the Company's
obligations to GIS as guarantor were fully settled.

 

As a result of this transfer, the Company's holding in MNRG has decreased from
13.31% to 5.02% of the issued voting share capital.

 

In consideration of the Company's actions as guarantor, MNRG has subsequently
issued £100,000 of zero-coupon, unsecured convertible loan notes to the
Company (the "CLN"). The CLN gives the Company the right,  to convert the
CLN, in whole or in part to MNRG shares either (i) at such time as MNRG has
available share authority headroom, convertible at the closing, mid-market
share price on the day prior to conversion; or (ii) if a prospectus is issued
by MNRG, enabling MNRG to issue sufficient shares, convertible at the price at
which any funds were raised by MNRG in connection with the issue of a
prospectus.

 

The purpose of the CLN is to allow the Company to re-establish its equity
position in MNRG at approximately the same level that existed prior to
discharge of its GIS liability as guarantor on behalf of MNRG. The exact
number of shares to be issued to the Company might be higher or lower than the
number applied to satisfaction of the guarantee.

 

ENQUIRIES

 EQTEC plc                                                     +44 20 3883 7009
 David Palumbo / Nauman Babar

 Strand Hanson - Nomad & Financial Adviser                     +44 20 7409 3494
 James Harris / Richard Johnson

 Panmure Gordon - Joint Broker                                 +44 20 7886 2500
 John Prior / Harriette Johnson

 Canaccord Genuity - Joint Broker                              +44 20 7523 8000
 Henry Fitzgerald-O'Connor / James Asensio / Patrick Dolaghan

 Alma PR - Financial Media & Investor Relations                +44 20 3405 0205
 Josh Royston / Sam Modlin                                     EQTEC@almapr.co.uk (mailto:EQTEC@almapr.co.uk)

 Instinctif - General Media Enquiries                          +44 20 7457 2381

                                                               +44 788 788 4794
 Chris Speight / Tim Field                                     EQTEC@instinctif.com (mailto:EQTEC@instinctif.com)

 

About EQTEC plc

 

As one of the world's most experienced gasification technology and engineering
companies, with a growing track record of delivering operational and
commercial success for transforming waste-to-energy through best-in-class
technology innovation, engineering and project development, EQTEC brings
together design innovation, project delivery discipline and solid commercial
experience to add momentum to the global energy transition. 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, supplies and builds advanced gasification facilities in the UK,
EU and US, with highly efficient equipment that is modular and scalable from
1MW to 30MW. EQTEC's versatile solutions process over 50 varieties of
feedstock, including forestry wood waste, vegetation and other agricultural
waste from farmers, industrial waste and sludge from factories 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 synthetic 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 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
(http://www.eqtec.com/) .

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