Issue of Warrants

RNS Number : 0672V

Quadrise Fuels International PLC

29 November 2019

 

29 November 2019

Quadrise Fuels International plc

("Quadrise", "QFI" or the "Company")

Issue of Warrants

The Company announced today that it had entered into an agreement with an international chemicals and mining group headquartered in Morocco (the "Client") pursuant to which Quadrise and the Client will work together in a joint project team, to carry out an MSAR® trial on a pilot plant test facility located at one of the Client's facilities in Morocco during Q1 2020, and then, if agreed, to proceed to undertake feasibility and engineering studies for commercial trials of MSAR® in a commercial scale industrial unit and steam boiler owned and operated by the Client.  Any future demonstration tests on commercial units owned by the Client will be covered by new agreements.

As a result, pursuant to the Morocco Representation Agreement announced on 6 March 2019, the Company will now issue 3 million warrants to subscribe for new ordinary shares in the Company to Younes Maamar. The warrants are exercisable at any time until 6 March 2022 at a price per new ordinary share equal to the average mid-market closing price per QFI ordinary share over the five days period ending on and including the day after the date of this announcement.

Commenting, Mike Kirk, Executive Chairman of QFI, said:

"Quadrise is delighted that Younes has enabled us to make rapid progress in Morocco and we look forward to continuing to use his expertise in developing this and other potential projects."

For further information, please refer to the Company's website at www.quadrisefuels.com, or contact [e-mail] or phone:

Quadrise Fuels International Plc
Mike Kirk, Executive Chairman	[phone]
Jason Miles, Chief Operating Officer
Nominated Adviser
Cenkos Securities plc
Dr Azhic Basirov	[phone]
Ben Jeynes Katy Birkin
Joint Brokers
Peel Hunt LLP
Richard Crichton	[phone]
David McKeown
Shore Capital Stockbrokers Limited
Toby Gibbs Fiona Conroy	[phone]
Public & Investor Relations
FTI Consulting
Ben Brewerton	[phone]
Ntobeko Chidavaenzi

 

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