Quadrise Share Offer to Fund Fuel Production Program

Press Release
Sunday, October 07, 2012

Quadrise Fuels International PLC, emerging supplier of MSAR®, a low cost alternative to heavy fuel oil,  place ordinary shares on market.

Application has been made for the 50,000,000 Placing Shares to be admitted to trading on AIM and dealings are expected to commence on 9 October 2012.

A key objective of the programme is the production of a stable emulsion fuel manufactured from different oil refinery heavy residues, with fuel properties that substantially eliminate the need for any marine engine modifications.

The board of directors of Quadrise (the "Board") believes that the proceeds of the Placing will be sufficient to allow the Company to develop its current projects to the stage when they can generate net positive cash flow from continuing operations as well as strengthen the Company's balance sheet in order to meet any additional capital expenditure and general working capital requirements of the Quadrise group.

The Placing was undertaken by the Company's broker, Westhouse Securities Limited, and First Columbus Investments LLP.

Commenting Ian Williams, Chairman of Quadrise, said:
"The past 12 months have seen a step-change towards the commercialisation phase for Quadrise and our close partners. In particular, the two year MSAR® Marine fuel development and assessment programme with Mærsk has moved forward to pre-commercial testing and certification. In Saudi Arabia, Saudi Aramco has formally approved the application of our Quadrise MSAR® technology in their refineries and the execution of an MOA with M/S Rafid Group has settled the basis and terms for our future presence in the country. Quadrise is now well placed to move forward in both of these core business lines, each of which has the potential to have substantial impact on the future performance of the Company.

Given the uncertainty in today's markets we are delighted that investors have clearly recognised the progress made by the Company, demonstrated by the Placing being over-subscribed."

 

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

Kemp Succeeds Semple at Wood Group

Wood Group announced following changes to its senior management team. Alan Semple, chief financial officer (CFO) has advised the board that he intends to

ST Engineering Rejigs Top Deck

Singapore Technologies Engineering Ltd (ST Engineering) today announced the appointment of senior management personnel to new key management positions in the

Finance

ST Engineering Rejigs Top Deck

Singapore Technologies Engineering Ltd (ST Engineering) today announced the appointment of senior management personnel to new key management positions in the

MHI Receives "Best IR Award"

Mitsubishi Heavy Industries, Ltd. (MHI) has received one of this year's "Best IR Awards" presented annually by the Japan Investor Relations Association (JIRA).

Houston Port Commission Approves budget

The Fiscal Year 2015 Operating and Capital Budget was approved Thursday during a special meeting of the Port Commission of the Port of Houston Authority.   Projections

Fuels & Lubes

Environmental Groups: IMO Polar Code Too Weak

The International Maritime Organization (IMO) today adopted the Polar Code aimed at regulating shipping in Polar Regions. Several environmental groups have criticized

Cost to Fuel Ships Falls

For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs are reduced by as much as $1 million a year if current price level stay put. Assuming

Belgian Strike to Impact Antwerp Port

A strike in parts of Belgium on Monday is expected to disrupt rail services and one of Europe's largest ports as trade unions and workers voice their anger over

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2528 sec (4 req/sec)