EQTEC plc announced that it has entered into loan agreement that it will receive unsecured loan facility for gross proceeds of up to £10 million on March 29, 2022. The transaction will include participation from Riverfort Global Opportunities Pcc Ltd and YA II PN, Ltd., a fund managed by Yorkville Advisors Global LP. The company will receive funding in tranches. Each instalment of the Loan Facility will have a maturity date of 12 months from the date of advance with repayments of principal made on a monthly basis, as set out in a closing statement to be agreed at the time of each advance. The Loan Facility will accrue a fixed interest coupon equivalent to 7.5% of the Initial Advance and of any further advance, payable on a quarterly basis. The Loan Agreement has a commitment period of 18 months.

On the same day, the company received £5 million in its first tranche closing.