Business
Unsecured Convertible Loan Note Facility
Unsecured Convertible Loan Note Facility.
About this update from Forgent Plc
[{"type":"text","content":"\n \nRNS Number : 3119G EQTEC PLC 28 February 2018 \n\n \n28 February 2018\n \nEQTEC plc\n \n(\"EQTEC\" or the \"Company\")\n \nEQTEC Signs Agreements for Unsecured Convertible Loan Note Facility of up to £7.5m to Accelerate Growth Strategy\n \nEQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, is pleased to announce that it has agreed an Unsecured Convertible Loan Note facility of up to £7.5 million (\"Loan Notes\") with one investor (\"the Investor\") to help accelerate its growth strategy.\n \nHighlights of the Loan Note facility\n· The Loan Notes will be issued to the Investor in up to five tranches\n· The issue of the first tranche of Loan Notes having an aggregate principal amount of £1.5 million is committed and will close later today\n· Subsequent issues of Loan Notes will be made at the sole discretion of the Company and must be for a minimum of £1.5 million and a maximum of £2 million in principal amount of Loan Notes. \n \nThe growth strategy\nThe proceeds of the Loan Notes will be used to execute and accelerate EQTEC's growth strategy. A lack of domestic incineration and gasification capacity is forcing the UK to pay European incinerators to take its waste. EQTEC is well positioned to help alleviate this costly export strategy by converting that waste into energy through its strong pipeline of UK projects and its proprietary advanced gasification technology that can be used in industrial size power plants to convert waste into synthetic gas to generate electricity. \n \nEQTEC also has key strategic partners in place including Fortune 500 company, Energy China, and the recently announced partnership with Cobra Instalaciones Y Servicios SA, to help source new future projects to add to its existing UK pipeline and thereby increasing the UK's capacity to deal with waste.\n \nIn addition, the Company will allocate the proceeds of the issue of the Loan Notes towards furthering its existing project portfolio, to avail of possible investment opportunities and for general working capital.\n \nDetails of the Loan Notes\nThe Loan Notes will be issued to a single investor, Bercheva Opportunities Limited, in up to five tranches. Each Loan Note has ...