Quadrise Fuels International PLC Final Issue of Convertible Securities (7071O)
February 11 2021 - 2:00AM
UK Regulatory
TIDMQFI
RNS Number : 7071O
Quadrise Fuels International PLC
11 February 2021
11 February 2021
Quadrise Fuels International plc
("Quadrise", "QFI" or the "Company")
Final Issue of Convertible Securities
Quadrise refers to the Convertible Securities Issuance Deed
("Agreement") with Bergen Global Opportunity Fund, LP (the
"Investor") announced by the Company on 23 August 2019. The
Investor under the Agreement previously purchased for GBP2,000,000
convertible securities with a par value of GBP2,150,000 from the
Company (the "First Investment"). Those convertible securities
issued under the First Investment have, as announced previously,
been converted into new ordinary shares in the Company, and none of
the First Investment convertible securities remain outstanding.
The Agreement provided that the Investor could make a second and
final investment in convertible securities and the parties have now
agreed that convertible securities with a par value of GBP537,500
be purchased by the Investor for GBP500,000 in cash, subject to the
terms and conditions set out in the Agreement, and the Company has
now issued that convertible security (the "Second Investment").
The proceeds of the Second Investment will serve to extend the
Company's cash resources to the middle of 2021 and also provide the
Company with additional flexibility to accelerate activities
relating to continued testing and development of bioMSAR(TM) and
the early-stage work under the Joint Development Agreement ("JDA")
with MSC Mediterranean Shipping Company SA ("MSC") announced by the
Company on 21 January 2021.
The Second Investment concludes the Investor's ability to invest
in Quadrise under the Agreement and no further convertible
securities will be issued pursuant to it.
Mike Kirk, Chairman of Quadrise, commented:
"We are delighted to have worked collaboratively with Bergen to
agree this funding. Their investment has been critical to the
success of Quadrise and without this we would not have been able to
make the material progress achieved over the last 18 months.
Concluding this second and final investment from Bergen provides
Quadrise with funding to mid-2021 and important flexibility to
progress planned bioMSAR(TM) testing and development activities
that might otherwise have been deferred. We will now be
accelerating this work, alongside our activities related to the JDA
with MSC to progress the LONO trial(s) planned to commence later
this year.
With our exciting portfolio of projects and this additional
funding, the Company is in a strong position and we look forward to
providing further updates on progress in the months ahead."
For further information, please contact:
Quadrise Fuels International Plc
Mike Kirk, Chairman +44 (0)20 7031 7321
Jason Miles, Chief Executive Officer ir@quadrisefuels.com
Nominated Adviser
Cenkos Securities plc
Ben Jeynes +44 (0)20 7 397
Katy Birkin 8900
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 7408 4090
Public & Investor Relations
FTI Consulting
Ben Brewerton +44 (0)20 3727 1000
Ntobeko Chidavaenzi
Notes to Editors
QFI is the supplier of MSAR(R) and bioMSAR(TM) emulsion
technology and fuels, a low-cost environmentally beneficial
alternative to heavy fuel oil for the global power generation,
shipping, industrial and refining industries.
Prior to publication, the information contained within this
announcement was deemed by the Group to constitute inside
information. With the publication of this announcement, this
information is now considered to be in the public domain.
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END
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