7th Jan 2019 17:41
LONDON (Alliance News) - Quadrise Fuels International PLC on Monday said it will extend the closing date of its open offer as a significant shareholder needs more time.
Quadrise, an emulsion technology and fuel supplier, said this decision follows "an indication from a significant shareholder that additional time will be required".
The deadline for receiving completed application forms and full payment under the offer has been extended to Friday next week from Friday this week.
Quadrise is looking to raise up to GBP2 million in its non-underwritten open offer and will issue 86.2 million shares at a price of 2.5 pence per share.
Back in early December, Quadrise said that if it does not receive this funding by January end then it will run out of cash, resulting in a winding down order.
If completed, the open offer funds are expected to fund Quadrise's operations until early October.
Shares in Quadrise closed up 0.6% at 2.42p on Monday.
Related Shares:
QFI.L