EQTEC (LON: EQT) shares opened higher Friday after the company said it has entered into a loan facility with its largest shareholder Altair Group Investment.
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Altair already has an 18.2% stake in the bioscience energy firm.
The facility will provide an up to £2 million unsecured loan with a term of 24 months from the date of execution, with an annual interest rate of 8% on funds drawn and outstanding. In addition, EQTEC will pay a 2.5% fee for the arrangement of the facility.
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As a result of the deal, EQTEC will issue Altair Group 666,666,666 warrants with a £0.0045 strike price, representing a premium of 55% to the closing share price on December 8, valid for two years.
The company said the proceeds from the facility will support general working capital, acceleration of project sales, and technology deployment.
“We are grateful to Altair for their unwavering support of EQTEC and their continued support of our business strategy. We remain committed to execution of our strategy, driving MDCs and key projects to close, deploying EQTEC technology to more places, more often and growing the business to its full potential,” commented David Palumbo, CEO of EQTEC.
After opening Friday's session at 0.32p, EQT shares are currently trading around the 0.3p mark, up 3.45%.
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