EQTEC PLC (AIM:EQT) launched a £3mln fundraise following Wednesday’s stock market close, through a share placing, a PrimaryBid offer to retail investors and an issue of shares via a shareholder subscription.
The company, which converts waste into fuel, seeks to raise at least £3mln in the process and said the funds will be earmarked for initiatives to "maintain momentum" in existing projects as well as accelerate growth in "second/third" projects in existing markets.
New capital will also help EQTEC “build for scale”, it said, by extending the capability and capacity to support what it describes as a burgeoning pipeline.
It pitches the new shares at 0.5p per share, a 23% discount to Wednesday’s mid-market price.
The placing is to be conducted as an accelerated bookbuild process.
Concurrently, the PrimaryBid offer is now underway and will give retail investors access to the share issue at the same price as the institutional placing – a £250 minimum subscription will apply.
Certain existing shareholders will take new shares from the company, also on the same terms, via a direct share subscription.