EQTEC PLC (AIM:EQT) has announced an equity placement of approximately £850,000 (gross), priced at 1.4p per ordinary share, representing an 18% discount to the closing price on 24 May.
It will result in the issuance of 60,887,490 ordinary shares, with an additional 2,435,499 new shares issued in settlement of related fees.
EQTEC will use the proceeds for working capital purposes and to support the execution of the previously announced strategic pivot.
Chief executive David Palumbo stated: "This placing, alongside the recently announced refinance through the term loan, provides the company with a clear capital runway to develop and execute the previously announced strategic pivot.
“We look forward to updating the market on upcoming pipeline developments and the closing of the Logik settlement in due course. We thank our shareholders for their continued support during this transitionary period."
The new shares will be admitted to AIM under EQTEC's existing share authorities.