REG - EQTEC PLC - Update on Verde Corporation Subscription

EQTECAnnouncement

19/04/2024 07:45

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RNS Number : 3068L  EQTEC PLC  19 April 2024

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                                      +44 20 3883 7009

 David Palumbo / Jeffrey Vander Linden

 Strand Hanson - Nomad & Financial Adviser      +44 20 7409 3494

 James Harris / Richard Johnson

 Fortified Securities - Broker                  +44 20 3411 7773

 Guy Wheatley

 Global Investment Strategy UK Ltd - Broker     +44 20 7048 9045

 Samantha Esqulant

 

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
(http://www.eqtec.com/) .

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