11 Feb 2021 07:00
11 February 2021
Quadrise Fuels International plc
("Quadrise", "QFI" or the "Company")
Final Issue of Convertible Securities
Quadrise refers to the Convertible Securities Issuance Deed ("Agreement") with Bergen Global Opportunity Fund, LP (the "Investor") announced by the Company on 23 August 2019. The Investor under the Agreement previously purchased for £2,000,000 convertible securities with a par value of £2,150,000 from the Company (the "First Investment"). Those convertible securities issued under the First Investment have, as announced previously, been converted into new ordinary shares in the Company, and none of the First Investment convertible securities remain outstanding.
The Agreement provided that the Investor could make a second and final investment in convertible securities and the parties have now agreed that convertible securities with a par value of £537,500 be purchased by the Investor for £500,000 in cash, subject to the terms and conditions set out in the Agreement, and the Company has now issued that convertible security (the "Second Investment").
The proceeds of the Second Investment will serve to extend the Company's cash resources to the middle of 2021 and also provide the Company with additional flexibility to accelerate activities relating to continued testing and development of bioMSAR™ and the early-stage work under the Joint Development Agreement ("JDA") with MSC Mediterranean Shipping Company SA ("MSC") announced by the Company on 21 January 2021.
The Second Investment concludes the Investor's ability to invest in Quadrise under the Agreement and no further convertible securities will be issued pursuant to it.
Mike Kirk, Chairman of Quadrise, commented:
"We are delighted to have worked collaboratively with Bergen to agree this funding. Their 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. We will now be accelerating this work, alongside our activities related to the JDA with MSC to progress the LONO trial(s) planned to commence later this year.
With our exciting portfolio of projects and this additional funding, the Company is in a strong position and we look forward to providing further updates on progress in the months ahead."
For further information, please contact:
Quadrise Fuels International Plc |
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Mike Kirk, Chairman | +44 (0)20 7031 7321 |
Jason Miles, Chief Executive Officer | ir@quadrisefuels.com |
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Nominated Adviser |
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Cenkos Securities plc |
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Ben Jeynes Katy Birkin | +44 (0)20 7397 8900 |
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Joint Brokers |
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Peel Hunt LLP |
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Richard Crichton | +44 (0)20 7418 8900 |
David McKeown |
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Shore Capital Stockbrokers Limited |
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Toby Gibbs Fiona Conroy | +44 (0)20 7408 4090
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Public & Investor Relations |
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FTI Consulting |
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Ben Brewerton | +44 (0)20 3727 1000 |
Ntobeko Chidavaenzi |
Notes to Editors
QFI is the supplier of MSAR® and bioMSAR™ emulsion technology and fuels, a low-cost environmentally beneficial alternative to heavy fuel oil for the global power generation, shipping, industrial and refining industries.
Prior to publication, the information contained within this announcement was deemed by the Group to constitute inside information. With the publication of this announcement, this information is now considered to be in the public domain.