2nd Dec 2019 14:23
(Alliance News) - EQTEC PLC, a technology solutions company for waste gasification to energy projects, on Monday said that it has raised GBP958,500 in gross proceeds via a share subscription.
EQTEC issued 766.8 million new shares at 0.125 pence per share.
EQTEC shares in London were down 7.1% at 0.13 pence each in afternoon trade.
The company said, as part of the subscription, Altair Group Investment Ltd has subscribed 268 million shares, representing a cash subscription of GBP335,000. After the subscription, Altair will own a 29% stake in EQTEC.
The net proceeds of the fundraise will be used by the company to further its near term pipeline and for working capital purposes.
David Palumbo, chief executive of EQTEC, said: "We are pleased to confirm this equity subscription, as it will strengthen the company's balance sheet and provide working capital to progress our near-term projects as we continue to develop, establish and strengthen our strategic partnerships."
By Tapan Panchal; [email protected]
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