19 Aug 2019 07:00
19 August 2019
Quadrise Fuels International plc
("Quadrise", "QFI" or the "Company")
Funding Update
Further to the Company's announcement of 23 July 2019, Quadrise provides the following update in relation to progress made in seeking equity or equity-linked funding.
The Company continues to make good progress in this regard and confirms that, following receipt of several proposals, it is currently in advanced discussions with a provider of funding.
The Board expects to be in a position to confirm the Company's funding plans, which would include an intention to provide existing shareholders with an opportunity to participate in an issue of new ordinary shares in the Company by way of an open offer, prior to the end of August 2019. The Board expects that funding currently under discussion will be secured and that proceeds, excluding any proceeds from the intended open offer, will as a minimum enable the Company to continue its business development activities and operations through to mid-2020 whilst the Company seeks to capitalise on its recent progress and to deliver commercial projects.
As at 31 July 2019, the Company had unaudited cash balances of £808,000. As first announced by the Company in January 2019, the Company's existing cash resources are sufficient to enable the Company to operate and continue with its normal business development initiatives until October 2019. Should the Company not have access to additional funds by early October 2019, and whilst the Company would still remain solvent and able to meet all of its liabilities in full at that time, the Board would need to consider the viability and future of the business at that time.
Further announcements will be made, as appropriate, in due course.
For further information, please refer to the Company's website at www.quadrisefuels.com or contact:
Quadrise Fuels International Plc |
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Mike Kirk, Executive Chairman | +44 (0)20 7031 7321 |
Jason Miles, Chief Operating Officer |
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Nominated Adviser |
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Cenkos Securities plc |
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Dr Azhic Basirov | +44 (0)20 7397 8900 |
Ben Jeynes Katy Birkin |
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Joint Brokers |
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Peel Hunt LLP |
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Richard Crichton | +44 (0)20 7418 8900 |
Ross Allister |
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Shore Capital Stockbrokers Limited |
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Daniel Harris Andy Crossley | +44 (0)20 7601 6108 |
Public & Investor Relations |
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FTI Consulting |
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Ben Brewerton Ntobeko Chidavaenzi | +44 (0)20 3727 1000 |
Notes to Editors
QFI is the supplier of MSAR® emulsion technology and fuels, a low-cost alternative to heavy fuel oil (one of the world's largest fuel markets, comprising over 450 million tons per annum) in the global power generation, shipping, steam and refining industries.
This announcement is inside information for the purposes of Article 7 of EU Regulations.