Issue of Equity

RNS Number : 1104S

Quadrise Fuels International PLC

03 September 2010

 



Quadrise Fuels International PLC

Issue of Equity and Total Voting Rights

3 September 2010

Quadrise Fuels International ("QFI" or the "Company") the manufacturer of emulsion fuels as low cost substitutes for heavy fuel oils in power generation, industrial and marine applications, announced on 18 August 2010 that it had secured binding commitments from certain existing shareholders to subscribe for 87,500,000 new ordinary shares of 1 pence each at a price of 1 pence per share raising £875,000.

50 per cent. of the subscription monies (£437,500) had already been received by the Company at that date and the balance was to be paid to the Company by 31 August 2010. The Company is pleased to announce that the balance of the subscription monies was received by this date.

The subscribing investors have also been granted one warrant for every new ordinary share subscribed for. The warrants must be exercised on or before 30 June 2011 and each warrant carries the right to subscribe for one new ordinary share at a price of 1 pence per share. The warrants will not be admitted to trading on AIM.

Under the terms of the placing, one of the investors has the right to nominate a director of the Company and an announcement will be made when such appointment is made. The monies raised from the placing will be utilised to cover the cost of the investment in Sparky Energy Corporation. The balance after costs (approximately £200,000) will be used for such purposes as are agreed with the nominated director referred to above.

Application has been made to the London Stock Exchange for 87,500,000 new ordinary shares of 1 pence each to be admitted to trading on AIM and admission is expected to take place on 9 September 2010.

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 549,226,857 ordinary shares of 1 pence each with voting rights. The Company holds no ordinary shares in treasury. Therefore, the total number of voting rights in the Company is 549,226,857 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.

Enquiries:

Quadrise Fuels International plc         Tel: [phone]

Ian Williams

Hemant Thanawala

Fairfax I.S. PLC                                   Tel: [phone]

Simon Bennett/Katy Birkin

 

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