7th Jul 2023 11:53
Quadrise PLC - London-based innovator and licensor of residual oil technology, which produces the synthetic heavy fuel oil MSAR - Says it has conditionally raised gross proceeds of GBP1.1 million. This is after a placing of 88.0 million new shares at a price of 1.25 pence. Expects to raise up to GBP2.2 million in additional gross proceeds via the launch of an open offer to qualifying shareholders.
Earlier Friday, Quadrise said it intended to conduct a placing of 140 million shares at 1.25 pence to raise no less than GBP1.0 million. It also launched an open offer to shareholders of up to a maximum of GBP2.3 million. Quadrise said the fundraise would be used to progress operations and active projects and strengthen its balance sheet.
Current stock price: 1.27 pence, down 33%
12-month change: down 21%
By Greg Rosenvinge, Alliance News reporter
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