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Eqtec PLC - Cork, Ireland-based gasification company focused on turning waste into sustainable energy - Raises £3.8 million in placing of 233.4 million new shares, subscription of 73.6 million PrimaryBid shares, and 443.0 million subscription shares, each at a price of 0.5 pence each. Proceeds will be used to maintain momentum with existing projects and potentially help pursue other projects. Currently has five plants under construction, with two approaching commissioning and commercial operations from 2022, with nearly 20 other projects under development.
Chief Executive Officer David Palumbo subscribes for 15.0 million shares, for £75,000 total. Chief Technology Officer Yoel Aleman also subscribes for 15.0 million shares. Palumbo's resultant shareholding is 60.8 million shares of 0.7% of the enlarged capital, as Aleman's holding becomes 185.8 million shares, or 2.0%.
Current stock price: 0.48p, down 27% on Thursday
12-month change: down 59%
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