Bioscience energy firm EQTEC has announced a fundraise of £850,000, priced at 1.4p per ordinary share.

The placing will result in the issuance of over 60.9 million ordinary shares of €0.01 each in the company to the subscribers, while a further 2.4 million new shares are being issued in settlement of certain fees in relation to the placing.

EQTEC has revealed that it will use the proceeds for working capital purposes as well as to support the execution of a previously announced “strategic pivot”.

The raise marks an 18% discount to the closing price of 1.7p on 24 May, which was the last business day prior to the placing.

An application will be made for the placing shares and fee shares to be admitted to AIM, with EQTEC expecting to make a further announcement in relation to the dates of admission to AIM of the new shares to be issued.

EQTEQ CEO, David Palumbo, commented: “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.”

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