Quadrise Fuels International PLC (LON:QFI) said its open offer fund raise was significantly oversubscribed.
The company had offered qualifying shareholders the opportunity to buy 1 additional share for every 30 shares held on March 1, and it has received valid acceptances and excess applications for a total of 129.8mln new shares, making the offer some 3.4 times oversubscribed.
A total of 37.6mln new shares will now be issued to investors at a price of 2.7p to raise £1mln of new capital, and the excess application facility will be scaled back to the point that qualifying shareholders will receive 8.571% of the shares that they applied for.
The open offer was made alongside a £6mln share placing organised earlier this month by stockbrokers Shore Capital and Cenkos Securities.
"We are delighted to have received such overwhelming support for the open offer,” said Mike Kirk, Quadrise chairman. “We would like to thank our loyal, long-term shareholders who have supported the company for many years.
“It was particularly gratifying that this fabulous response from our existing shareholders followed the successful placing which resulted in significant new institutional investors being welcomed onto our register as the company enters an exciting new phase.”
Kirk added: “Having demonstrated positive momentum in a number of key project areas, the funding provided by the open offer and placing positions us favourably to capitalise on the exciting opportunities ahead for MSAR and our new renewable fuel, bioMSAR.
“We look forward to providing updates on project progress, as appropriate, in due course."