Marine fuel oil emulsification technology firm Quadrise Fuels International (QFI) on Friday announced a non-underwritten open offer to raise up to £2.16 million (USD $2.75 million) in order to continue operations.
“If the company does not receive additional funding prior to 31 January 2019 pursuant to the Open Offer, or pursuant to a less attractive financing alternative secured thereafter, the board considers that it would need to consider the commencement of an orderly winding down of the business at that time,” it said in a statement.
QFI said it has renewed several existing relationships and signed a memorandum of understanding and MSAR® test programme with a European multinational integrated oil and gas company in the third quarter of 2018.
“Whilst the company has faced a number of challenges recently, and there continues to be some way to go before the company anticipates being able to progress to commercial projects, QFI and its clients believe that there are substantial opportunities in the power generation and marine markets for MSAR® in the near term.
“The recently announced business development milestones, which are further described below, are positive initiatives in this regard.”
QFI as at 30 June 2018, held cash resources of £2.2 million. As at 30 November 2018, the company had unaudited estimated cash balances of approximately £1.2 million and monthly expenses of approximately £220,000 per month.
Related: Quadrise Fuels enter MOU and pilot test programme for MSAR fuel
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Related: Quadrise: Economics for MSAR projects to improve with IMO 2020
Related: Quadrise: Marine fuel emulsification markets ‘positive’
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Published: 10 December, 2018
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