5th Jul 2018 12:29
LONDON (Alliance News) - EQTEC PLC, a waste to energy technology developer, said Thursday it secured a new loan facility of USD3.2 million to be drawn in two equal installments.
The company secured the loan from Cuart Investments Fund and associates, a consortium put together by Origen Capital LLP. The facility has a 10% interest rate per year on each installment, with each installment having a maturity date of 12 months.
The company said that the first installment of USD1.6 million will be used to repay the outstanding GBP1.2 million due under a convertible loan facility entered in February.
Furthermore, the company said that Origin Capital invested GBP1.2 million via subscribing 191.7 million shares in the company at 0.6 pence each.
The company also said it entered into arrangements with Altair Group Investments Ltd and Ecofinance Ltd to pay interest payments due to them under existing debt facilities via issue of new shares.
EQTEC will issue 100 million shares at 0.6p to Altair to satisfy a GBP600,000 interest repayment and 15.5 million shares at the same price to Ecofinance for the GBP93,168 interest due.
Shares in EQTEC were trading down 6.5% at 0.86p each.
Related Shares:
Eqtec