StockMarketWire.com - Quadrise Fuels International estimated it now had enough funding to continue developing its business until early October after it raised around £1.5m from an open offer of shares.

An open offer to raise up to around £2.2m was announced by the company last month.

It had subsequently received valid acceptances and excess applications for around 60.5m open offer shares, raising the gross proceeds of around £1.5m.

As 30 November, Quadrise had unaudited estimated cash balances of around £1.2m and monthly expenses of around £220k.

'The board therefore currently considers that, together with the company's existing cash balances, the proceeds of the open offer will enable the company to continue to operate and to advance its business development initiatives until early October 2019.'


At 8:19am: [LON:QFI] Quadrise Fuels International PLC share price was +0.23p at 2.75p



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