21st Jan 2019 14:07
LONDON (Alliance News) - Quadrise Fuels International PLC on Monday said it has secured valid acceptances under its open offer to raise GBP1.5 million.
The non-underwritten open offer was launched at the beginning of December, when the oil technology company was looking to raise up to GBP2.2 million.
At the time, the company said it will run out of cash if it does not receive additional funding by the end of January, resulting in a winding down order.
On January 7, Quadrise extended the closing date of its open offer, saying that a significant shareholder "needs more time". The deadline for receiving completed application forms and full payment under the offer had been extended to Friday last week.
On Monday, the company said it issued 60.5 million shares at a price of 2.5 pence each. Quadrise shares were trading 0.4% lower on Monday at 2.51p each.
Following the admission, the company will have 922.7 million shares overall.
Quadrise said several directors participated in fundraising, with Executive Chair Michael Kirk subscribing for 100,000 shares, worth GBP2,500. Chief Operating Officer Jason Miles and his wife Rachel Miles subscribed for a combined 400,000 shares, totalling GBP10,000.
Non-Executive Directors Hemant Thanawala, Philip Snaith, Lawrence Mutch and Dilip Shah subscribed for a total of 685,000 shares, worth GBP17,125.
Quadrise had cash balances of GBP1.2 million on November 30 and monthly expenses of GBP220,000 per month. The company believes that the proceeds of the open offer will enable it to continue to operate and to advance its business development initiatives until early October 2019.
"We are delighted to have received an enthusiastic response from Quadrise's existing shareholders to the open offer," said Kirk.
"Quadrise is now funded in the short term to build on the substantial progress made in our business development operations, and progress during 2019 our plans for the migration to commercial operations," added Kirk.
Related Shares:
QFI.L