EQTEC has raised a £500,000 gross through a direct subscription at 2.35p per share by Verde Corporation.
The subscription shares equate to approximately 11.72% of the company's current issued ordinary share capital and were priced at Friday, 9 February's mid-market closing price.
Verde is a newly formed entity and part of a US-based group of businesses focused on sustainability and technology.
Following the subscription, Verde will be interested in 9.67% of the enlarged ordinary share capital.
EQTEC said the cash will be used to contribute to the ongoing working capital requirements of the group.
In connection with the subscription by Verde, existing shareholders Altair and Pitcole have agreed to convert into equity outstanding loan balances under a £3 million syndicated loan facility agreed in November.
A UK Special Situations investor has also been introduced to YA II PN and Riverfort ( YA-RF Lenders), to purchase the remaining balance of the shares they hold.