EQTEC PLC has announced that all performance criteria needed to access a €2.9 million loan facility for its Italian energy plant have been met.
Following a refinancing agreement with Banca del Fucino in September, EQTEC said on Thursday that performance improvements needed to access funds have now been made.
Lender Banca del Fucino is due to visit the site in Gallina, Tuscany in early January, after which EQTEC said it expects to be able to draw down the full amount of the facility.
The biomass energy plant, known as the Italy Market Development Centre (MDC), became operational in March this year and was later transferred to EQTEC subsidiary Italia MDC.
“The company remains actively involved with supporting Italia MDC in its endeavours to drive more productive and continual operations,” EQTEC said.
EQTEC added in an update that investors Altair Group Investment Ltd and Pitcole Ltd have agreed to convert shares held in the company for listing on AIM, following a capital reorganisation programme.
Some 33,653,846 new consolidation shares will be created following the deals, with EQTEC anticipating these will be admitted by 29 December.
EQTEC also said it has been released from all liabilities from an outstanding debt facility with Altair as a result of the deal.