Quadrise Fuels International PLC (LON:QFI) is raising up to GBP6mln to bolster the company as it capitalises on what it describes as exciting opportunities for its alternative and renewable fuel products.
It has raised the funds via a share placing and an open offer to qualifying shareholders.
A total of 222.2mln new shares are being sold at a price of 2.7p each.
The company launched a ‘cashbox’ placing – a placing structure that minimises costs and the time needed for completion. The placing was run by stockbrokers Shore Capital and Cenkos Securities. It opened after the end of Monday’s trading session and closed ahead of Tuesday’s session.
“We are delighted to have received such strong support for the placing,” said Mike Kirk, Quadrise chairman.
“We are particularly pleased to welcome significant new institutional investors onto our register as the Company enters an exciting new phase.”
“This is a significant endorsement of our strategy and team.”
Kirk added: “Having demonstrated positive momentum in a number of key project areas, the funding provided by the placing positions us favourably to capitalise on the exciting opportunities ahead for MSAR and our new renewable fuel, bioMSAR.”
The open offer gives qualifying shareholders the opportunity to buy 1 new Quadrise share for every 30 existing shares they owned on March 1.
Additionally, the company said members of its management team are participating in the funding.