Quadrise PLC (AIM:QED) said it has conditionally raised £1.2 million from investors and opened a separate retail offer for up to the same amount, giving the lower-emission fuels developer potential gross proceeds of £2.4 million as it pushes projects towards commercial supply.
The AIM-listed company placed 119mln shares and secured direct subscriptions for a further 1mln shares, all at 1p each. The price was set at a roughly 35% discount to the 1.55p closing mid-market price on 6 July, when Quadrise first launched the accelerated bookbuild.
A retail offer, also priced at 1p, opened on 8 July and will make up to 120 million new shares available to eligible UK retail investors. It is expected to close at 2pm on 13 July, with results due by 6.30pm the same day and admission of the retail shares expected on 16 July.
Quadrise said proceeds from the fundraise will support commercial marine trials with MSC and Cargill, including work towards an MSAR and bioMSAR supply hub in Antwerp, as well as projects with OCP in Morocco, Valkor in Utah and industrial power opportunities in the Americas.
The company said the £1.2 million placing and subscription should provide working capital to 30 June 2027.
If the retail offer is fully subscribed, Quadrise said the additional money would help progress projects and trials towards commercial revenue generation and support working capital through to positive cashflows in FY 2028-29.
