Business
KSA Services Agreement and Grant of Warrants
KSA Services Agreement and Grant of Warrants.
About this update from Quadrise Plc
[{"type":"text","content":"\n \nRNS Number : 0306C Quadrise Fuels International PLC 13 June 2019 \n\n13 June 2019\n \nQuadrise Fuels International plc\n(\"Quadrise\", \"QFI\" or the \"Company\")\n \nKingdom of Saudi Arabia Services Agreement with Conditional Grant of Warrants\n \nQuadrise is pleased to announce that the Company has entered into a Services Agreement (\"SA\") with Aleph Commodities Ltd (\"Aleph\") to provide services to the Company for the use of MSAR® in the Kingdom of Saudi Arabia (\"KSA\").\n \nFollowing entry into the SA, Quadrise is now working with both Aleph and Al Khafrah Holding Group, Quadrise's new local KSA partner pursuant to a memorandum of agreement announced by the Company on 30 May 2019, to progress projects and supply MSAR® in the Kingdom. \n \nThe SA follows an earlier services agreement between Quadrise and Aleph in respect of Kuwait, announced by the Company on 26 February 2019.\n \nAleph is a UK Company that has been established recently by a small group of commodities traders with significant experience in the Middle East.\n \nThe SA provides Aleph with a success-based incentive structure, with rewards only due upon delivering relevant disclosable project milestones and on contracts that lead to the establishment of MSAR® projects and commercial sales in KSA for QFI.\n \nThe SA also provides that Aleph may be awarded up to a total of 65 million warrants over ordinary shares in the Company, provided certain key milestones are achieved:\n \n· The first tranche of 5 million warrants will be awarded following signature, prior to the end of September 2019, of a disclosable project milestone in relation to the conclusion of an Memorandum of Understanding or similar with a KSA-based state owned organisation to initiate detailed planning activities for a pilot test for a commercial MSAR® trial in Saudi Arabia and will be exercisable for a period of 2 years from the date of the SA.\n \n· The second tranche of 10 million warrants will be awarded following signature, during 2019, of a disclosable project milestone with associated agreements to commence a commercial MSAR® trial in KSA and will be exercisable for a period of 2 years from the date of the SA.\n \n· The third tranche of 20 million warrants will be awarde...