Eqtec agrees amendment to Verde subscription

(Sharecast News) - Waste-to-energy technology developer Eqtec updated the market on the Verde Corporation subscription on Friday, confirming that an amendment to the subscription letter had been agreed upon with Verde. The AIM-traded firm said the amendment allowed for the proceeds of the subscription to be received by Eqtec on or before 16 May.

Eqtec also highlighted the continuation of the agreement for the conversion of debt into equity by significant shareholders Pitcole and Altair Group Investment.

Moreover, the undertaking by YA-RF lenders not to convert the remaining £0.6m syndicated facility until after 30 June remained intact.

Eqtec also reaffirmed the availability of its £3m syndicated funding facility, initially announced on 20 November last year.

Currently, £0.95m had been drawn from the facility, leaving £2.05m undrawn, ensuring financial stability and support for Eqtec's operations.

At 1046 BST, Eqtec shares were down 2.44% at 1.9p.

Reporting by Josh White for Sharecast.com.