By Ian Walker
Quadrise said Friday that it is seeking to raise up to 4 million pounds ($5.1 million) via a share placing and open offer and will use the money to progress operations and projects through to at least February 2024.
The London-based fuel technology company plans to place up to 140 million new ordinary shares via the placing at 1.25 pence to raise a maximum of GBP1.75 million via a bookbuild program. The issue price is a 34% discount to Thursday’s closing price of 1.90 pence.
The company is also offering shareholders the chance to buy the discounted shares via an open offer to raise up to a further GBP2.25 million.
The board believes that the net proceeds of the placing and open offer will strengthen the company’s balance sheet and secure the company’s financial position in the immediate future, Quadrise said.
It added that if the open offer is fully subscribed then the company will have sufficient resources to advance its operations and active projects enabling it to become profitable and generate positive cash flows from operations.
Write to Ian Walker at ian.walker@wsj.com
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