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."