6th Mar 2014 11:19
LONDON (Alliance News) - Quadrise Fuels International PLC Thursday said it has raised USD10.7 million by placing 33.4 million new shares at a price of 32 pence per share.
The developer of fuel oil alternatives for the shipping, refining and power generation markets, said the proceeds of the placing will allow it to advance each of its currently active programmes as well as pursuing new projects and strengthening its balance sheet.
The company said the additional project capital will allow it to expedite deployment of the manufacturing units for its MSAR fuel, fund its research and development facility, protect existing and future intellectual property and enable the company to recruit additional specialist staff.
Quadrise's claims its MSAR technology can render heavy hydrocarbons easier to use by producing a low viscosity fuel oil using water instead of oil-based diluents. That would benefit refiners by freeing up distillates used to extract heavy oil from the bottom of a barrel to produce fuel oil.
The company announced in January that it expected to seek new equity funds by the end of March in order to fund the additional staff it needs to support its growing portfolio of projects.
Quadrise Fuels shares were up 11.3% to 38.25 pence, putting it in the top AIM risers Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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