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RNS Number : 0672V
Quadrise Fuels International PLC
29 November 2019
 

29 November 2019

 

Quadrise Fuels International plc

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

 

Issue of Warrants

 

The Company announced today that it had entered into an agreement with an international chemicals and mining group headquartered in Morocco (the "Client") pursuant to which Quadrise and the Client will work together in a joint project team, to carry out an MSAR® trial on a pilot plant test facility located at one of the Client's facilities in Morocco during Q1 2020, and then, if agreed, to proceed to undertake feasibility and engineering studies for commercial trials of MSAR® in a commercial scale industrial unit and steam boiler owned and operated by the Client.  Any future demonstration tests on commercial units owned by the Client will be covered by new agreements.

 

As a result, pursuant to the Morocco Representation Agreement announced on 6 March 2019, the Company will now issue 3 million warrants to subscribe for new ordinary shares in the Company to Younes Maamar. The warrants are exercisable at any time until 6 March 2022 at a price per new ordinary share equal to the average mid-market closing price per QFI ordinary share over the five days period ending on and including the day after the date of this announcement.

 

Commenting, Mike Kirk, Executive Chairman of QFI, said:

 

"Quadrise is delighted that Younes has enabled us to make rapid progress in Morocco and we look forward to continuing to use his expertise in developing this and other potential projects."

 

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

 

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

David McKeown

 

 

 

Shore Capital Stockbrokers Limited

 

Toby Gibbs

Fiona Conroy

+44 (0)20 74084090

 

 

Public & Investor Relations

 

FTI Consulting

 

Ben Brewerton

+44 (0)20 3727 1000

Ntobeko Chidavaenzi

 

 

 


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: 2.81

Market: LSE
Market Cap: £27.98 m
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