Quadrise Fuels International PLC Addendum to Representation Agreement (5611O)
June 13 2022 - 2:00AM
UK Regulatory
TIDMQFI
RNS Number : 5611O
Quadrise Fuels International PLC
12 June 2022
13 June 2022
Quadrise Fuels International plc
("Quadrise," "QFI" or the "Company")
Addendum to Representation Agreement and Conditional Grant of
Warrants
Quadrise (AIM:QFI), the supplier of MSAR(R) and bioMSAR(TM)
emulsion technology and fuels, providing innovative lower cost and
lower carbon alternatives to fuel oil and biofuels, announces that
it has entered into an addendum (the "Addendum") to the 2019
Morocco Representation Agreement announced by the Company on 6
March 2019 (the "RA") with Younes Maamar (the "Consultant").
Under the Addendum, the term of the RA has been extended to 30
June 2023 and the Consultant may be awarded up to a total of 13
million warrants over new ordinary shares in the Company,
conditional upon certain key milestones being achieved (the
"Addendum Warrants"):
-- A first tranche of 3 million warrants will be awarded upon
signature, by no later than 30 June 2022, of the updated Material
Transfer & Cooperation Agreement between Quadrise and the
client in Morocco. On vesting, these warrants may be exercised at
any time until 5 March 2023, at which point they will expire.
-- A second tranche of 10 million warrants will be awarded upon
signature of contracts, by no later than 31 December 2022, enabling
a commercial MSAR(R) project in Morocco. On vesting, these warrants
may be exercised at any time until 5 March 2024, at which point
they expire.
The Addendum Warrants represent 100% of the warrants capable of
being issued under the RA and replace prior conditionally awarded
warrants that lapsed unvested or unexercised. The Addendum Warrants
will have an exercise price of the average mid-market closing price
of the Company's ordinary shares over a five day period ending on
and including the day after QFI announces signature of the relevant
project milestones and contracts. All other terms of the RA remain
unchanged.
For further information, please refer to the Company's website
at www.quadrisefuels.com or contact:
Quadrise Fuels International Plc
Andy Morrison, Chairman
Jason Miles, Chief Executive Officer +44 (0)20 7031 7321
Nominated Adviser
Cenkos Securities plc
Ben Jeynes +44 (0)20 7397 8900
Katy Birkin
Broker
Shore Capital Stockbrokers Limited
Toby Gibbs +44 (0)20 7408 4090
Fiona Conroy
Public & Investor Relations
Vigo Consulting
Patrick D'Ancona
Charlie Neish +44 (0)20 7390 0230
Notes to Editors
Quadrise is the supplier of MSAR(R) and bioMSAR(TM) emulsion
technology and fuels, providing innovative lower cost and lower
carbon alternatives to fuel oil and biofuels in the global power
generation, shipping, industrial and refining industries.
This announcement is inside information for the purposes of
article 7 of Regulation 596/2014.
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END
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