Results of Placing, PrimaryBid Offer, Subscription

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EQTEC plc

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

Results of Placing, PrimaryBid Offer and Subscription

Directors' Dealings

EQTEC plc (AIM: EQT), a world leading gasification technology solutions company for sustainable waste-to-energy projects, announces the results of the Fundraising, further to its announcements of 7.00 a.m. and 10.42 a.m. today.

The Fundraising was oversubscribed.

The Placing, the PrimaryBid Offer and the Subscription has raised £16 million (before expenses) through the placing of 712,333,326 Placing Shares, subscription for 66,666,666 PrimaryBid Shares and subscription for 287,666,664 Subscription Shares, in each case at an Issue Price of 1.5 pence per share.

Capitalised terms used but not defined in this announcement shall have the meaning given to them in the announcement at 7.00 a.m. today.

Related Party Transaction - Syngas Settlement

Dr. Yoel Alemán, CTO and a Director of the Company, has now entered into the Syngas Settlement.

Accordingly, on Admission, following the issue of shares pursuant to the Syngas Settlement, Yoel Alemán will be interested in 170,791,970 Ordinary Shares, representing 2.0% of the Company's issued share capital.

Related Party Transaction - Director participation in the Subscription

Ian Pearson, Non-Executive Chairman and a Director of the Company, has agreed to subscribe for 6,666,666 Subscription Shares at the Issue Price. Ian Pearson is a related party as defined in the AIM Rules. As a result, his participation in the Subscription is a related party transaction pursuant to Rule 13 of the AIM Rules. Accordingly, the independent directors of the Company (being those directors other than Ian Pearson), having consulted with the Company's Nominated Adviser, Strand Hanson Limited, consider the terms of the issue to be fair and reasonable insofar as the Company's shareholders are concerned. 

On Admission, following the issue of the 6,666,666 Subscription Shares, Ian Pearson will be interested in 7,204,300 Ordinary Shares, representing 0.1% of the Company's issued share capital.

Related Party Transaction - substantial shareholder participation in the Subscription

Altair Group Investment Limited ("Altair") has an existing holding of 1,487,424,441 Ordinary Shares in the Company representing 20.6 per cent. of the Company's issued share capital and, as such, is a substantial shareholder as defined in the AIM Rules for Companies ("AIM Rules"). Altair has agreed to subscribe for 146,666,666 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, the independent directors of the Company, having consulted with the Company's Nominated Adviser, Strand Hanson Limited, consider the terms of the issue to be fair and reasonable insofar as the Company's shareholders are concerned. 

On Admission, following the issue of the 146,666,666 Subscription Shares, Altair Group Investment Limited will be interested in 1,634,091,107 Ordinary Shares, representing 19.4% of the Company's issued share capital.

Admission and Total Voting Rights

The Company will make an application to London Stock Exchange plc for an aggregate of 1,199,199,775 Ordinary Shares, comprising 712,333,326 Placing Shares, 66,666,666 PrimaryBid Shares, 287,666,664 Subscription Shares, 2,666,666 Supplier Shares, 82,982,304 Syngas Settlement Shares and 46,884,149 Warrant Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings will commence on or around 3 June 2021.  The New Shares will rank pari passu with the existing Ordinary Shares.

Following Admission, there will be 8,435,044,926 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

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