Business
Representation Agreement and Grant of Warrants
Representation Agreement and Grant of Warrants.
About this update from Quadrise Plc
[{"type":"text","content":"\n \nRNS Number : 9480R Quadrise Fuels International PLC 06 March 2019 \n\n6 March 2019\n \nQuadrise Fuels International plc\n(\"Quadrise\", \"QFI\" or the \"Company\")\n \nMorocco Representation Agreement with Conditional Grant of Warrants\n \nQuadrise is pleased to announce that the Company has entered into a Representation Agreement (\"RA\") with Younes Maamar (\"the Consultant\"), a former CEO of the Moroccan state electricity Company, to act as a consultant for Quadrise. Mr Maamar's role will be to assist Quadrise in its pursuit of opportunities for the use of MSAR® in Morocco.\n \nThe RA provides the Consultant with a success-based incentive structure, with rewards due upon the successful delivery of the relevant disclosable project milestones and contracts necessary to progress to commercial MSAR® sales in Morocco.\n \nIn accordance with the RA the Consultant may be awarded up to a total of 13 million warrants over ordinary shares in the Company, provided certain key milestones are achieved: \n \n· The first tranche of 3 million warrants will be awarded upon signature, during 2019, of a disclosable project milestone in relation to the development of potential MSAR® projects within Morocco and will be exercisable for a period of 3 years from the date of the RA.\n \n· The second tranche of 10 million warrants will be awarded upon signature of contracts enabling a commercial MSAR® project in Morocco and will be exercisable for a period of 5 years from the date of the RA.\n \nAll of the above warrants will have an exercise price of the average mid-market closing price of the Company's ordinary shares over five days, ending on and including the day after QFI announces signature of the relevant project milestones and contracts.\n \nThe RA has a maximum term of 12 months but can be extended by mutual agreement. Under the RA, royalties will be payable to the Consultant from projects established to supply and use MSAR® in Morocco where the Consultant's services continue to be provided. The Consultant may potentially pursue similar opportunities in other countries in Africa upon mutual agreement with the Company.\n \nIn the event that sufficient share issuance authorities are not available at the time of vesting of the warrants, ...