(Alliance News) - Quadrise Fuels International PLC on Monday said its existing cash resources ensure it is fully-funded for 2020, as it reports of business opportunities from its MSAR heavy fuel oil alternative technology.
Quadrise added that there is also a further GBP2 million of funds available from a convertible security agreement.
"If the company is able to draw down this additional funding in August 2020, subject to conditions precedent being met, the additional funds would be expected to meet project expenditure that is currently anticipated," the firm explained.
In South America, the company reported that it gas met with "senior management of a national oil company" where there is an opportunity to deploy the MSAR technology.
Quadrise said it has also met "major stakeholders" in Saudi Arabia, where there is a prospect of manufacturing MSAR at a "lower cost".
Quadrise added: "Progress has been made in a number of areas that has enabled Quadrise to increase the breadth and depth of its business development programme, addressing the vast majority of the potential MSAR market opportunity."
The company was trading 2.3% higher at 2.41 pence each in London on Monday at midday.
By Eric Cunha; ericcunha@alliancenews.com
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