(Alliance News) - Quadrise Fuels International PLC on Monday said it continues to make "good" progress in seeking equity or equity-linked funding and confirmed that, following receipt of several proposals, it is currently in advanced discussions with a funding provider.
The residual oil technology company expects to confirm its funding plans, which would include an intention to launch an open offer, prior to the end of August. The AIM-listed company also said it 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 it to continue its business development activities and operations through to mid-2020.
During that time Quadrise said it will seek to capitalise on its recent progress and to deliver commercial projects. As at July 31, the company had cash balances of GBP808,000, which are sufficient to enable it to operate and continue with its normal business development initiatives until October.
Quadrise shares were trading 3.8% lower on Monday in London at 3.80 pence each.
