LONDON (Alliance News) - Quadrise Fuels International PLC said Wednesday it has raised GBP4.25 million in gross proceeds from a share placing.
AIM-listed Quadrise said it placed 42.5 million shares at a price of 10 pence each to institutional and other investors. The placed shares will represent approximately 5% of the company's enlarged share capital.
The placing is set to be followed by an open offer to existing shareholders to raise a further GBP1.0 million at the issue price, indicating an offer of 10 million shares.
"The strong support for Quadrise is evidence of investor endorsement in the business and corporate strategy. After a successful year in 2016, we are now looking forward to utilising the net proceeds of the placing to support our planned transition into commercial operations in 2017. As previously announced, we will also be providing existing qualifying shareholders of Quadrise with the opportunity to participate in an open offer, at the issue price," said Michael Kirk, executive chairman, in a statement.
Shares in Quadrise were down 9.0% at 10.58p Wednesday.
By Adam Clark; adamclark@alliancenews.com
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