Quadrise Fuels International PLC Issue of Warrants (0672V)
November 29 2019 - 2:05AM
UK Regulatory
TIDMQFI
RNS Number : 0672V
Quadrise Fuels International PLC
29 November 2019
29 November 2019
Quadrise Fuels International plc
("Quadrise", "QFI" or the "Company")
Issue of Warrants
The Company announced today that it had entered into an
agreement with an international chemicals and mining group
headquartered in Morocco (the "Client") pursuant to which Quadrise
and the Client will work together in a joint project team, to carry
out an MSAR(R) trial on a pilot plant test facility located at one
of the Client's facilities in Morocco during Q1 2020, and then, if
agreed, to proceed to undertake feasibility and engineering studies
for commercial trials of MSAR(R) in a commercial scale industrial
unit and steam boiler owned and operated by the Client. Any future
demonstration tests on commercial units owned by the Client will be
covered by new agreements.
As a result, pursuant to the Morocco Representation Agreement
announced on 6 March 2019, the Company will now issue 3 million
warrants to subscribe for new ordinary shares in the Company to
Younes Maamar. The warrants are exercisable at any time until 6
March 2022 at a price per new ordinary share equal to the average
mid-market closing price per QFI ordinary share over the five days
period ending on and including the day after the date of this
announcement.
Commenting, Mike Kirk, Executive Chairman of QFI, said:
"Quadrise is delighted that Younes has enabled us to make rapid
progress in Morocco and we look forward to continuing to use his
expertise in developing this and other potential projects."
For further information, please refer to the Company's website
at www.quadrisefuels.com, or contact ir@quadrisefuels.com or
phone:
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
David McKeown
Shore Capital Stockbrokers Limited
Toby Gibbs
Fiona Conroy +44 (0)20 74084090
Public & Investor Relations
FTI Consulting
Ben Brewerton +44 (0)20 3727 1000
Ntobeko Chidavaenzi
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END
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