Business
Equity Subscription and New Debt Facility
Equity Subscription and New Debt Facility.
About this update from Forgent Plc
[{"type":"text","content":"\n \nRNS Number : 6523T EQTEC PLC 05 July 2018 \n\nPrior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. With the publication of this announcement, this information is now considered to be in the public domain.\n \n5 July 2018\n \nEQTEC plc\n \n(\"EQTEC\" or the \"Company\")\n \nEquity Subscription and New Debt Facility \n \nEQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, announces that it has entered into arrangements in respect of the provision of new loan facilities for up to US$3.2 million (approximately £2.4 million), an equity investment of £1.15 million and the capitalisation of interest payments due to existing lenders, together with the final redemption of the convertible loan entered into in February 2018.\n \nSummary\n \n· New secured loan facility of up to US$3.2 million to be provided by Cuart Investments Fund and associates (the \"Lenders\"), a consortium put together by Origen Capital LLP. \n· Loan facility to be drawn down in two equal instalments, subject to satisfaction of certain conditions precedent.\n· The first instalment of the loan facility (net amount of approximately US$1.48 million) will be used primarily to redeem in full the amount outstanding under the convertible loan facility entered into by the Company on 28 February 2018. As at the date of this announcement, the redemption amount is £1.155 million.\n· Origen Capital LLP (\"Origen\") has invested £1.15 million in consideration for the issue of 191,666,667 new ordinary shares of €0.001 each in the Company (\"Ordinary Shares\") at a price of 0.6 pence per share (the \"Issue Price\").\n· Altair Group Investments Limited (\"Altair\") and Ecofinance (GLI) Limited (\"Ecofinance\") have agreed to capitalise interest payments of an aggregate of £693,168 pursuant to existing debt facilities by the issue of an aggregate of 115,528,000 Ordinary Shares at the Issue Price.\n· The Lenders are to be granted with warrants over Ordinary Shares on drawdown of the initial instalment of the lo...