Business
Convertible Securities, Issue of Equity & Warrants
Convertible Securities, Issue of Equity & Warrants.
About this update from Quadrise Plc
[{"type":"text","content":"\n \nRNS Number : 0020K Quadrise Fuels International PLC 23 August 2019 \n\n23 August 2019\nQuadrise Fuels International plc\n(\"Quadrise\", \"QFI\" or the \"Company\")\n \nConvertible Securities, Issue of Equity and Issue of Warrants\n \nQuadrise is pleased to confirm that it has secured funding of £2 million, being the first tranche of an issue of convertible securities, to progress recently announced business development opportunities towards trial projects and commercial contracts. These funds will secure the Company's financial position through to June 2020.\nIn recognition of the continuing support from long-term shareholders, the Company also announces that it intends to offer existing shareholders the opportunity to participate in an open offer of new ordinary shares in the Company with warrants attached.\nQuadrise will be holding an investor conference call during the week beginning 26 August 2019 to provide shareholders with an opportunity to ask questions on recent business development activities and on the funding now secured.\nQuadrise has entered into a convertible securities issuance deed (the \"Agreement\") with Bergen Global Opportunity Fund, LP (the \"Investor\"), in connection with an issuance by the Company of zero coupon convertible securities in two tranches (each, a \"Convertible Security\", and collectively, the \"Convertible Securities\") having an aggregate subscription price of up to £4.0 million, a par value of up to £4.3 million and being convertible into new ordinary shares in the Company (the \"Transaction\"). The Investor is managed by Bergen Asset Management, LLC, based in New York, which is an institutional investor with a particular focus on direct investments in small-cap companies around the world.\nQuadrise also confirms that the Company intends to offer existing shareholders the opportunity to participate in an open offer of new ordinary shares of £0.01 each in the Company (\"Ordinary Shares\") to raise up to a maximum of £1.5 million (the \"Intended Open Offer\"). The Intended Open Offer will be priced at 3.96 pence per new Ordinary Share and with warrants, on the basis of one open offer warrant for every two Ordinary Shares subscribed for under the Intended Open Offer, to subscribe for new Ordinary Shares at a price of 7.48 pence per new Ordinary Share for a period o...