EQTEC plc announced a further drawdown on its syndicated debt facilities and proposed reduction to balances outstanding under the long-term secured facility with YA II PN Ltd. and Riverfort Global Opportunities PCC Limited (the YA-RF Lenders). On 20 November 2023, the Company announced that it had refinanced the historic debt facilities with Altair Group Investment Limited (Altair), the "YA-RF Lenders") and with Pitcole Limited (together, the "Refinance Investors") through entering into a new syndicated debt facility of up to £3.0 million with the Refinance Investors (New Syndicated Facility), with £950,000 being drawn down in November 2023. The Refinance Investors and the Company have agreed to a further advance of £245,000 pursuant to the terms of the New Syndicated Facility (Drawdown).

The Drawdown is intended to provide working capital in advance of the anticipated receipt of the proceeds from the settlement with Logik Developments, in particular the expected completion of the sale of land from which the settlement sum of £2.0 million will be paid to the Company. Further details regarding the sale of land, including the steps to completion, were announced on 1 May 2024. In addition to the New Syndicated Facility, the YA-RF Lenders are party to aYA-RF Lenders secured facility of up to £10.0 million as detailed in the Company's announcement on 20 November 2023 (the "YA-RF Secured Facility").

No further funds have been advanced pursuant to the YA-RF Secured Facility which currently stands with £5.1 million drawn and no further fees have been accrued since that time. Upon the anticipated receipt of funds pursuant to the Logik settlement, 20% of the proceeds of the Logik settlement amounting to £400,000 will be paid to the YA-RF Lenders to reduce the balances outstanding pursuant to the YA-RF Secured Facility.