- Alternative fuel company Quadrise Fuels International said it had secured £2m of funding via the first tranche of an issue of convertible securities, and would also launch an open offer of additional new shares.

The £2m of funding would progress recently-announced business development opportunities towards trial projects and commercial contracts.

Quadrise said the funding would secure its financial position through to June 2020.

The company had entered into a convertible securities issuance deed with Bergen Global Opportunity Fund for the issue of two tranches of convertible securities.

They had an aggregate subscription price of up to £4.0m and a par value of up to £4.3m.

Quadrise also confirmed that it would offer existing shareholders the opportunity to participate in an open offer of shares to raise up to £1.5m, priced at 3.96p per share, with warrants attached.

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