The technology solution company for waste gasification to energy projects initially entered into the loan with lenders on July 5 and last October agreed to amend it to increase the secure facility up to US$10mln.
The group said it has significant near term contract opportunities and has agreed to further amend the terms of the loan facility in order to allow the company to focus its financial resources on delivering projects within the pipeline in the near future.
Lenders agreed to amend the terms so that repayment amounts due after January 5 will now commence on April 5. A monthly fee of US$6,667 will be paid on the fifth day of each month beginning on April 5 for 15 months.
As of January 5, the outstanding balance owed was US$3,228,000 of principal, plus accrued and unpaid interest thereon. Payments of capital and interest due and outstanding under the loan on this date were US$486,893. The company has agreed with the lenders to make a minimum cash payment of US$100,000 of this balance by the end of January with the balance of US$386,893 being paid no later than February 28.
“This amendment to the loan facility will allow the company to pursue our goal of generating revenue both through the execution of new and existing contracts ranging from €10mln to €100mln,” said chief executive Ian Price.
"The ongoing support of the lenders along with other key stakeholders is a testament to their confidence in EQTEC's ability to execute its growth strategy. We look forward to providing shareholders with further updates as we seek to strengthen our position in the market."