(Alliance News) - Quadrise Fuels International PLC on Thursday said Bergen Global Opportunity Fund has made a final GBP500,000 investment in Quadrise's convertible securities, extending the company's cash resources.
The London-based fuel conversion technology firm said this second investment in convertible securities, with a par value of GBP537,500, to be purchased for GBP500,000 in cash, was made under its existing agreement with Bergen announced back in August 2019, where Bergen previously purchased for GBP2 million convertible securities with a par value of GBP2.2 million from Quadrise.
The convertible securities issued under the first investment have been converted into shares in Quadrise, with none of the first investment convertible securities remaining outstanding.
"[Bergen's] investment has been critical to the success of Quadrise and without this we would not have been able to make the material progress achieved over the last 18 months. Concluding this second and final investment from Bergen provides Quadrise with funding to mid-2021 and important flexibility to progress planned bioMSAR testing and development activities that might otherwise have been deferred," said Chair Mike Kirk.
"We will now be accelerating this work, alongside our activities related to the joint development agreement with MSC Mediterranean Shipping Company SA to progress the LONO trials planned to commence later this year," Kirk added.
Shares in Quadrise were down 8.5% at 3.46 pence in London on Thursday.
By Zoe Wickens; zoewickens@alliancenews.com
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