Business
New unsecured loan facility of up to £10 million
New unsecured loan facility of up to £10 million.
About this update from Forgent Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3103G\n EQTEC PLC\n 29 March 2022\n \n \n \n \n Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as defined in Article 7 of the Market Abuse Regulation EU No. 596/2014, as retained and applicable in the UK pursuant to the European Union (Withdrawal) Act 2018 (as amended). With the publication of this announcement, this information is now considered to be in the public domain.\n \n \n \n \n \n 29 March 2022\n \n \n EQTEC plc\n \n \n \n \n \n (\"EQTEC\" or the \"Company\")\n \n \n \n \n \n New unsecured loan facility of up to £10 million\n \n \n \n \n \n EQTEC plc (AIM: EQT), a world-leading technology innovation company enabling the Net Zero Future through advanced solutions for hydrogen, biofuels, SNG and other energy production, announces that it has entered into arrangements in respect of the provision of a new unsecured loan facility for up to £10 million (the \"LoanFacility\") with an initial advance of £5 million to be received by the Company on 29 March 2022 (the \"Initial Advance\").\n \n \n \n \n \n Highlights\n \n \n \n \n \n · \n New unsecured loan facility of up to £10 million to be provided by Riverfort Global Opportunities PCC Limited and YA II PN, Ltd (together, the \"Lenders\").\n \n \n ·\n The Loan Facility may be drawn down in multiple instalments, subject to the mutual agreement of the parties and the satisfaction of certain conditions precedent.\n \n \n · \n The Initial Advance of £5 million is to be paid to the Company on 29 March 2022, with any further advances to be agreed between the Lenders and the Company at the relevant time.\n \n \n · \n The Initial Advance will be repaid on a monthly basis commencing 5 months after receipt of the advance by the Company and have a final maturity date of 12 months. \n \n \n · \n The Company will pay a fixed interest coupon to the Lenders on a quarterly basis calculated as 7.5% of the value of each advance of the Loan Facility.\n \n \n · \n The Company and the Lenders have also entered into a performance agreement pursuant to which the Company may pay a performance fee to the Lenders if the share price of the Company significantly increases whilst the facility is in place. The requirement to make any payments un...