Marine fuel oil emulsification technology firm Quadrise Fuels International (QFI) on Monday (21 January) said it has raised approximately £1.51 million (US $1.97 million) in its latest open offer.
“We are delighted to have received an enthusiastic response from Quadrise's existing shareholders to the Open Offer,” said Mike Kirk, Executive Chairman of Quadrise.
“We would like to thank our shareholders for their continued strong support. Having raised gross proceeds of £1.51 million from the Open Offer, Quadrise is now funded in the short term to build on the substantial progress made in our business development operations, and progress during 2019 our plans for the migration to commercial operations.”
It earlier announced a non-underwritten open offer to raise up to £2.16 million (USD $2.75 million) in order to continue operations; if unable to do so, the company will conduct an “orderly winding down”.
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.
Moving forward, the Board considers that, together with its existing cash balances, the latest proceeds of the open offer will enable QFI to continue operating until early October 2019.
Related: Quadrise may conduct ‘orderly winding down’ if latest Open Offer unsuccessful
Related: Quadrise Fuels enter MOU and pilot test programme for MSAR fuel
Related: Quadrise fuel emulsification projects suffer $4.32 million loss
Related: Quadrise: Economics for MSAR projects to improve with IMO 2020
Related: Quadrise: Marine fuel emulsification markets ‘positive’
Related: Quadrise emulsified fuel oil project suffers setback
Published: 24 January, 2019
OctamarTM HF-10 Plus was subjected to tests conducted at a third party lab by SGS Testing and Intertek in Singapore under the supervision of ClassNK earlier this year, according to spokeswoman.
Former Regional Marine Manager of BP Singapore issued penalty of SGD 6 million; he faces an additional 28-month imprisonment term if penalty is not paid, says Judge.
Sing Fuels claiming over total 1,049.29 metric tonnes of 380 centistokes bunker fuel delivered to bulk carrier Lila Shanghai at Port Elizabeth, South Africa in July 2019, according to court documents.
Reserve Stability Number results are ‘questionable’ as almost all additives targeting asphaltene management show effectiveness in the test, says spokesman.
Singfar International partnering Lianyungang Shenghua Shipbuilding to deliver 7,000 dwt DF bunker tankers from 2023 to support decarbonisation of the Singapore maritime industry.
GSM awarded USD 1.85 million as well as SGD 5,800; Judge finds SFM Director ‘ungrateful and dishonest in his dealings with Bernard and the plaintiff,’ according to Court Judgement seen by Manifold Times.