(Alliance News) - Quadrise Fuels International PLC on Monday said it has raised GBP1.8 million from an open offer of shares, slightly higher than previously announced.
The company, which makes heavy fuel oil alternative MSAR, said it raised an additional GBP716,800 from a share subscription, meaning GBP2.5 million raised in total.
Under the open offer, the company issued 46.6 million shares at 3.96 pence per share, raising GBP1.8 million. Previously, the company expected to raise GBP1.5 million from the open offer.
Quadrise also issued 18.1 million subscription shares at the same 3.96p price to raise GBP716,800.
Shares in Quadrise Fuels were down 2.8% at 4.52 pence each on Monday morning in London.
The company separately in August had raised GBP2 million via the issue of convertible securities.
The funds raised are expected to secure the company's financial position through June 30, 2020.
Quadrise Fuels has a market capitalisation of GBP42.1 million.
