Exercise of Warrants

RNS Number : 5944J

Quadrise Fuels International PLC

01 July 2011

 



1 July 2011

Quadrise Fuels International Plc ("QFI" or the "Company")

Exercise of Warrants, Total Voting Rights and Directors' Interests

Quadrise Fuels International Plc undertook a short notice placing in September 2010, pursuant to which it issued 87,500,000 new ordinary shares of 1p each ("Ordinary Shares"), together with an equivalent number of warrants.  

The proceeds of the placing in September enabled the Company to follow its rights and increase its equity participation in Sparky Energy Corporation. Following a subsequent merger, this has resulted in the current 9.6% equity interest in Optimal Resources Inc ("Optimal"), a junior Canadian oil company.  QFI is the largest shareholder in Optimal.  On 23 June 2011, the Company issued an update on the recent progress made by Optimal and Quadrise Canada Corporation in a field trial programme.

Under the terms of the warrants, each warrant entitled the holder to subscribe for one Ordinary Share at a price of 1p per share, valid until 30 June 2011.  Both warrant holders have elected to exercise their rights prior to the expiry date.  This results in the receipt of a further £875,000 through the issue of 87,500,000 new Ordinary Shares.

As a result of the issue of the new Ordinary Shares to the warrant holders, their respective interests in the enlarged issued share capital of the Company will be as set out below:

Shareholder	Number of Ordinary Shares	Percentage of Enlarged Issued Share Capital
Zenita Enterprises Limited	125,000,000	17.30%
Anthony Lowrie	57,196,705	7.92%

Application has been made to the London Stock Exchange for the 87,500,000 new Ordinary Shares to be admitted to trading on AIM and admission is expected to take place on 7 July 2011.

Commenting, Ian Williams, Executive Chairman, said:

"In March 2011, the Company undertook a further placing of Ordinary Shares at a price of 3.5p per share, raising net proceeds of £2.7 million.  While there was significant demand for the March placing, the Board of Quadrise decided to limit the funds raised in anticipation of the current exercise of the warrants.  With the receipt of the further £875,000 from the exercise of the warrants, we anticipate that the Company is now fully funded for all activities through to late 2012, after which we would expect the Company to be generating revenues from its projects.  Management are now fully focused on our highly prospective project development programme."

Total Voting Rights

Following the issue of the 87,500,000 new ordinary shares as detailed above, the Company's issued share capital now consists of 722,543,391 Ordinary Shares with voting rights. The Company holds no Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company is 722,543,391 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.

Directors' Interests

Following the exercise of the warrants, the interests of the Directors who hold shares in QFI have been diluted as follows:

Name	Number of Ordinary Shares	Percentage of Enlarged Issued Share Capital
Ian Williams*	9,396,580	1.30%
Hemant Thanawala	9,363,400	1.30%
Ian Duckels	3,967,460	0.55%
Jason Miles	637,007	0.09%

* Tilehouse Limited owns 2,219,524 Ordinary Shares, representing 0.31% of the enlarged issued share capital of the Company following the exercise of the warrants. Tilehouse Trust is the owner of Tilehouse Limited and Ian Williams is a beneficiary of Tilehouse Trust.

-Ends-

Enquiries:

Quadrise Fuels International plc Ian Williams, Executive Chairman Hemant Thanawala, Finance Director	Tel: [phone]
Smith & Williamson Corporate Finance Limited Azhic Basirov Siobhan Sergeant	Tel: [phone]
Jendens Securities Limited Andrew Edwards Christopher Thomas	Tel: [phone]

 

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