26th Feb 2019 10:42
LONDON (Alliance News) - Quadrise Fuels International PLC on Tuesday said it signed a services agreement with Aleph Commodities Ltd for the use of MSAR fuel oil in Kuwait.
The stock was trading 14% higher on Tuesday at 3.67 pence a share.
The contract provides Aleph with a chance to be awarded up to a total of 40 million warrants over shares in Quadrise, if certain key milestones are achieved.
The first tranche of five million warrants will be awarded upon signature of a relationship with a local partner in Kuwait.
The second tranche of 10 million warrants will be awarded upon completion of a commercial MSAR trial or study in Kuwait.
The third tranche of 25 million warrants will be awarded upon signature of contracts for a commercial MSAR project in Kuwait.
In addition, royalties will be payable to Aleph from any project for the supply and use of MSAR in Kuwait.
"We believe Aleph's strong relationships in the Middle East, and Kuwait in particular, will be instrumental in enabling practical delivery of domestic MSAR projects," said Quadrise Executive Chair Mike Kirk.
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