Result of Placing, Subscription, PrimaryBid Offer

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This announcement contains inside information for the purposes of the UK version of Article 7 of Regulation (EU) 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

14 July 2022

EQTEC plc

("EQTEC", the "Company" or the "Group")

Results of Placing, PrimaryBid Offer and Subscription

Directors' Dealings

Related Party Transactions

EQTEC plc (AIM: EQT), a world innovation company enabling the Net Zero Future through advanced solutions for hydrogen, biofuels, SNG and other energy production, announces that, further to its announcement of 4.50 p.m. yesterday (the "Launch Announcement"), it has successfully completed the Fundraising which is now closed.

The Fundraising has raised £3.75 million (before expenses) through the placing of 233,385,650 Placing Shares, subscription for 73,614,350 PrimaryBid Shares and subscription for 443,000,000 Subscription Shares, in each case at an Issue Price of 0.5 pence per share.

Capitalised terms used but not defined in this announcement shall have the meaning given to them in the Launch Announcement.

Related Party Transactions - Directors' and substantial shareholder participation in the Subscription

Yoel Aleman, David Palumbo, Jeffrey Vander Linden, Nauman Babar and Thomas Quigley, each of whom are Directors of the Company (the "Subscribing Directors"), have agreed to subscribe for an aggregate of 37,000,000 Subscription Shares at the Issue Price. The Subscribing Directors are related parties as defined in the AIM Rules. As a result, their participation in the Subscription are related party transactions pursuant to Rule 13 of the AIM Rules.

Altair Group Investment Limited ("Altair") has an existing holding of 1,634,091,107 Ordinary Shares in the Company representing 19.0 per cent. of the Company's issued share capital and, as such, is a substantial shareholder as defined in the AIM Rules. Altair has agreed to subscribe for 80,000,000 Subscription Shares at the Issue Price. As a result, their participation in the Subscription is a related party transaction pursuant to Rule 13 of the AIM Rules.

Accordingly, Ian Pearson, the independent director of the Company (being the director other than the Subscribing Directors), having consulted with the Company's Nominated Adviser, Strand Hanson Limited, considers the terms of the participation by the Subscribing Directors and Altair to be fair and reasonable insofar as the Company's shareholders are concerned.

On Admission, following the issue of the Subscription Shares, the interests of the Subscribing Directors and Altair in the Company's enlarged issued share capital will be as follows:

Admission and Total Voting Rights

The Company will make an application to London Stock Exchange plc for an aggregate of 782,657,286 Ordinary Shares, comprising 233,385,650 Placing Shares, 73,614,350 PrimaryBid Shares, 443,000,000 Subscription Shares and 32,657,286 Supplier Shares, to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings will commence on 19 July 2022.  The New Shares will rank pari passu with the existing Ordinary Shares.

Following Admission, there will be 9,381,682,212 Ordinary Shares in issue. This number may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company.

ENQUIRIES

PDMR Notification Form:

The notification below is made in accordance with the requirements of the Market Abuse Regulation: