EQTEC PLC (AIM:EQT), the waste-to-energy specialist, has announced an updated subscription agreement with Verde Corporation, promising enhanced commercial terms and bolstering the company's position in the renewable energy market - albeit with a slight delay.
Under the revised agreement, EQTEC will receive £500,000 for just under 21.3 million shares at 2.35p per share. This will then be accompanied by a £1 million payment for 18.9 million shares at 5.3p a share (previously 4.75p). Each share of the second tranche comes with a warrant attached exercisable at 5.3p.
The deal stipulates the company will receive the cash from both tranches by April 19.
EQTEC CEO David Palumbo said: "Whilst the delays in completing this subscription have been frustrating for all, Verde has kept us appraised of matters throughout the process and we look forward, once this transaction closes, to being able to move at pace to explore strategic opportunities."