Quadrise raises US $1.97 million in open offer, avoids wind down

Marine fuel oil emulsification technology firm Quadrise Fuels International (QFI) on Monday (21 January) said it has raised approximately £1.51 million (US $1.97 million) in its latest open offer.

“We are delighted to have received an enthusiastic response from Quadrise's existing shareholders to the Open Offer,” said Mike Kirk, Executive Chairman of Quadrise.

“We would like to thank our shareholders for their continued strong support.  Having raised gross proceeds of £1.51 million from the Open Offer, Quadrise is now funded in the short term to build on the substantial progress made in our business development operations, and progress during 2019 our plans for the migration to commercial operations.”

It earlier announced a non-underwritten open offer to raise up to £2.16 million (USD $2.75 million) in order to continue operations; if unable to do so, the company will conduct an “orderly winding down”.

As at 30 November 2018, the company had unaudited estimated cash balances of approximately £1.2 million and monthly expenses of approximately £220,000 per month.

Moving forward, the Board considers that, together with its existing cash balances, the latest proceeds of the open offer will enable QFI to continue operating until early October 2019.

Related: Quadrise may conduct ‘orderly winding down’ if latest Open Offer unsuccessful
Related: Quadrise Fuels enter MOU and pilot test programme for MSAR fuel
Related: Quadrise fuel emulsification projects suffer $4.32 million loss
Related: Quadrise: Economics for MSAR projects to improve with IMO 2020
Related: Quadrise: Marine fuel emulsification markets ‘positive’
Related: Quadrise emulsified fuel oil project suffers setback

Published: 24 January, 2019