Quadrise Fuels International PLC Result of Open Offer (7977N)

TIDMQFI

RNS Number : 7977N

Quadrise Fuels International PLC

31 October 2016

NEITHER THIS ANNOUNCEMENT NOR ANY PART OF IT CONSTITUTES AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE OR ACQUIRE ANY SECURITIES IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF IRELAND, SOUTH AFRICA OR ANY JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

31 October 2016

Quadrise Fuels International plc

("Quadrise", "QFI", the "Company" and together with its subsidiaries the "Group")

Result of Open Offer

Quadrise Fuels International plc (AIM: QFI), the emerging supplier of MSAR(R) emulsion technology and fuel, enabling a low-cost alternative to heavy fuel oil (one of the world's largest fuel markets, comprising over 450 million tonnes per annum) in the global shipping, refining and power generation markets, announces the results of its Open Offer, which was significantly oversubscribed.

On 12 October 2016, the Company announced the result of a successful Placing with institutional and other investors at the Placing Price of 10 pence per Placing Share to raise gross proceeds of GBP4.25 million. In order to enable existing qualifying shareholders of QFI ("Qualifying Shareholders") to participate in the fundraising on the same terms, an Open Offer to raise up to approximately GBP1 million was announced by Quadrise on 14 October 2016 and closed, in accordance with its terms, at 11.00 a.m. on 28 October 2016.

The Company is pleased to announce that it has received valid acceptances and excess applications from Qualifying Shareholders for a total of 25,685,431 Open Offer Shares under the Open Offer which was 2.5 times oversubscribed. Following scale back, the maximum of a total of 10,119,814 new ordinary shares of 1p each in the Company ("Ordinary Shares") will be issued in connection with the Open Offer, raising GBP1.0 million.

Application has been made for the Open Offer Shares, which rank pari passu with the Company's issued Ordinary Shares, to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings will commence at 8.00 a.m. on 1 November 2016.

Following the issue of the Open Offer Shares, the Company will have 862,204,976 Ordinary Shares in issue. No Ordinary Shares are held in treasury. The figure of 862,204,976 Ordinary Shares may be used by the Company's shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Rules and Transparency Rules.

Capitalised terms used but not otherwise defined in this announcement bear the meanings ascribed to them in the circular of the Company dated 14 October 2016.

Mike Kirk, Executive Chairman of Quadrise, said:

"We are delighted to have received such an enthusiastic response from our existing shareholders to the Open Offer which was 2.5 times oversubscribed. Having raised gross proceeds of GBP5.25 million from the Placing and Open Offer, Quadrise is now ideally placed to build on the substantial progress made in our key trial projects in the marine and power markets, and implement our plans for the migration to commercial operations during 2017."

This information contained in this announcement is deemed to constitute inside information for the purposes of article 7 of Regulation 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further information, please refer to the Company's website at www.quadrisefuels.com or contact:

 
Quadrise Fuels International Plc 
                                       [phone] 
Mike Kirk, Executive Chairman           7321 
Hemant Thanawala, Finance Director 
Jason Miles, Chief Operating Officer 
 
  Nominated Adviser 
Smith & Williamson Corporate Finance 
 Limited 
                                       [phone] 
Dr Azhic Basirov                        4000 
Ben Jeynes 
Katy Birkin 
 
  Broker 
Peel Hunt LLP 
                                       [phone] 
Richard Crichton                        8900 
Ross Allister 
Chris Burrows 
Public & Investor Relations 
FTI Consulting 
                                       [phone] 
Ben Brewerton                           1000 
Sara Powell 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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October 31, 2016 03:00 ET (07:00 GMT)