13 Jun 2022 07:00
13 June 2022
Quadrise Fuels International plc
("Quadrise," "QFI" or the "Company")
Addendum to Representation Agreement and Conditional Grant of Warrants
Quadrise (AIM:QFI), the supplier of MSAR® and bioMSAR™ emulsion technology and fuels, providing innovative lower cost and lower carbon alternatives to fuel oil and biofuels, announces that it has entered into an addendum (the "Addendum") to the 2019 Morocco Representation Agreement announced by the Company on 6 March 2019 (the "RA") with Younes Maamar (the "Consultant").
Under the Addendum, the term of the RA has been extended to 30 June 2023 and the Consultant may be awarded up to a total of 13 million warrants over new ordinary shares in the Company, conditional upon certain key milestones being achieved (the "Addendum Warrants"):
● A first tranche of 3 million warrants will be awarded upon signature, by no later than 30 June 2022, of the updated Material Transfer & Cooperation Agreement between Quadrise and the client in Morocco. On vesting, these warrants may be exercised at any time until 5 March 2023, at which point they will expire.
● A second tranche of 10 million warrants will be awarded upon signature of contracts, by no later than 31 December 2022, enabling a commercial MSAR® project in Morocco. On vesting, these warrants may be exercised at any time until 5 March 2024, at which point they expire.
The Addendum Warrants represent 100% of the warrants capable of being issued under the RA and replace prior conditionally awarded warrants that lapsed unvested or unexercised. The Addendum Warrants will have an exercise price of the average mid-market closing price of the Company's ordinary shares over a five day period ending on and including the day after QFI announces signature of the relevant project milestones and contracts. All other terms of the RA remain unchanged.
For further information, please refer to the Company's website at www.quadrisefuels.com or contact:
Quadrise Fuels International Plc | |
Andy Morrison, Chairman Jason Miles, Chief Executive Officer | +44 (0)20 7031 7321 |
Nominated Adviser | |
Cenkos Securities plc | |
Ben Jeynes | +44 (0)20 7397 8900 |
Katy Birkin | |
Broker Shore Capital Stockbrokers Limited | |
Toby Gibbs | +44 (0)20 7408 4090 |
Fiona Conroy | |
Public & Investor Relations |
|
Vigo Consulting Patrick D'Ancona Charlie Neish | +44 (0)20 7390 0230 |
Notes to Editors
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Quadrise is the supplier of MSAR® and bioMSAR™ emulsion technology and fuels, providing innovative lower cost and lower carbon alternatives to fuel oil and biofuels in the global power generation, shipping, industrial and refining industries.
This announcement is inside information for the purposes of article 7 of Regulation 596/2014.