Quadrise PLC (AIM:QED) has now closed its retail share offer, which doubled in size and was significantly oversubscribed.
The share offer was part of a wider fund raise which has now secured £6.53 million of new capital.
Initially, the retail offer portion of the funding was capped at £1 million
A week ago, Quadrise brought in £4.5 million in a placing, which was also oversubscribed, meanwhile, company directors were also investing via a direct share subscription.
The proceeds are expected to allow Quadrise to maintain its strong momentum towards commerciality for its cleaner fuels products MSAR and BioMSAR, by allowing it to keep working on four key projects in parallel.
Currently advancing are the 3-way marine fuel vessel trials between Quadrise, MSC and Cargill, a power generator trial in Panama with partner Sparkle, engine testing of new prototype 100% biofuel fuels (bioMSAR Zero), and, in Utah, the Asphalt Ridge venture with Valkor.
Plus, a separate fuel trial is in the planning in Morocco, as a prerequisite to a commercial fuel supply deal.
With the injection of capital in place, Quadrise expects to be able to support each venture in parallel to bring each from trial to commerciality.