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RNS Number : 4097J
Quadrise Fuels International PLC
19 August 2019
 

 

19 August 2019

 

Quadrise Fuels International plc

("Quadrise", "QFI" or the "Company")

 

Funding Update

 

Further to the Company's announcement of 23 July 2019, Quadrise provides the following update in relation to progress made in seeking equity or equity-linked funding.

 

The Company continues to make good progress in this regard and confirms that, following receipt of several proposals, it is currently in advanced discussions with a provider of funding.  

 

The Board expects to be in a position to confirm the Company's funding plans, which would include an intention to provide existing shareholders with an opportunity to participate in an issue of new ordinary shares in the Company by way of an open offer, prior to the end of August 2019. The Board expects that funding currently under discussion will be secured and that proceeds, excluding any proceeds from the intended open offer, will as a minimum enable the Company to continue its business development activities and operations through to mid-2020 whilst the Company seeks to capitalise on its recent progress and to deliver commercial projects.

 

As at 31 July 2019, the Company had unaudited cash balances of £808,000.  As first announced by the Company in January 2019, the Company's existing cash resources are sufficient to enable the Company to operate and continue with its normal business development initiatives until October 2019. Should the Company not have access to additional funds by early October 2019, and whilst the Company would still remain solvent and able to meet all of its liabilities in full at that time, the Board would need to consider the viability and future of the business at that time.

 

Further announcements will be made, as appropriate, in due course.

 

For further information, please refer to the Company's website at www.quadrisefuels.com or contact:

 

Quadrise Fuels International Plc

 

Mike Kirk, Executive Chairman

+44 (0)20 7031 7321

Jason Miles, Chief Operating Officer

 

 

 

Nominated Adviser

 

Cenkos Securities plc

 

Dr Azhic Basirov

+44 (0)20 7397 8900

Ben Jeynes

Katy Birkin

 

 

 

Joint Brokers

 

Peel Hunt LLP

 

Richard Crichton

+44 (0)20 7418 8900

Ross Allister 

 

 

 

Shore Capital Stockbrokers Limited

 

Daniel Harris

Andy Crossley

+44 (0)20 7601 6108

 

Public & Investor Relations

 

FTI Consulting

 

Ben Brewerton

Ntobeko Chidavaenzi

+44 (0)20 3727 1000

 

 

Notes to Editors

QFI is the supplier of MSAR® emulsion technology and fuels, a low-cost alternative to heavy fuel oil (one of the world's largest fuel markets, comprising over 450 million tons per annum) in the global power generation, shipping, steam and refining industries.

This announcement is inside information for the purposes of Article 7 of EU Regulations.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Quadrise Fuels International PLC

Price: £0.04

Market: LSE
Market Cap: £38.48 m
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