Ireland-based waste gasification company EQTEC announced that it has executed documentation to amend an existing secured loan facility.
EQTEC claims that the company originally entered into the loan facility in July 2018 with Cuart Investment Funds and associates.
In October 2018, parties involved in the loan facility agreed to increase the funds to up to $10 million (€8.44 million).
The amendments now mean that repayments pursuant to the loan facility after 5 January will now commence on 5 April.
“EQTEC currently finds itself presented with significant contract opportunities which we wish to capitalise on. 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 €10m to €100m,” said EQTEC CEO 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.”