Quadrise Fuels International PLC Funding Update (4097J)

TIDMQFI

RNS Number : 4097J

Quadrise Fuels International PLC

19 August 2019

Quadrise Fuels International plc

("Quadrise", "QFI" or the "Company")

Funding Update

Further to the Company's announcement of 23 July 2019, Quadrise provides the following update in relation to progress made in seeking equity or equity-linked funding.

The Company continues to make good progress in this regard and confirms that, following receipt of several proposals, it is currently in advanced discussions with a provider of funding.

The Board expects to be in a position to confirm the Company's funding plans, which would include an intention to provide existing shareholders with an opportunity to participate in an issue of new ordinary shares in the Company by way of an open offer, prior to the end of August 2019. The Board expects that funding currently under discussion will be secured and that proceeds, excluding any proceeds from the intended open offer, will as a minimum enable the Company to continue its business development activities and operations through to mid-2020 whilst the Company seeks to capitalise on its recent progress and to deliver commercial projects.

As at 31 July 2019, the Company had unaudited cash balances of GBP808,000. As first announced by the Company in January 2019, the Company's existing cash resources are sufficient to enable the Company to operate and continue with its normal business development initiatives until October 2019. Should the Company not have access to additional funds by early October 2019, and whilst the Company would still remain solvent and able to meet all of its liabilities in full at that time, the Board would need to consider the viability and future of the business at that time.

Further announcements will be made, as appropriate, in due course.

For further information, please refer to the Company's website at www.quadrisefuels.com or contact:

 
Quadrise Fuels International Plc 
Mike Kirk, Executive Chairman          +44 (0)20 7031 7321 
Jason Miles, Chief Operating Officer 
 
Nominated Adviser 
Cenkos Securities plc 
Dr Azhic Basirov                       +44 (0)20 7397 8900 
Ben Jeynes 
 Katy Birkin 
 
Joint Brokers 
Peel Hunt LLP 
Richard Crichton                       +44 (0)20 7418 8900 
Ross Allister 
 
Shore Capital Stockbrokers Limited 
Daniel Harris 
 Andy Crossley                         +44 (0)20 7601 6108 
 
  Public & Investor Relations 
FTI Consulting 
Ben Brewerton 
 Ntobeko Chidavaenzi                   +44 (0)20 3727 1000

Notes to Editors

QFI is the supplier of MSAR(R) emulsion technology and fuels, a low-cost alternative to heavy fuel oil (one of the world's largest fuel markets, comprising over 450 million tons per annum) in the global power generation, shipping, steam and refining industries.

This announcement is inside information for the purposes of Article 7 of EU Regulations.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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August 19, 2019 02:00 ET (06:00 GMT)

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