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Quadrise PLC - London-based energy technology provider - Plans to raise minimum £3 million via placing and subscription with institutional and other investors at 3 pence per share. In addition, aims to raise £1 million via retail offer at the same price. The placing will be conducted through an accelerated bookbuild. Shore Capital Stockbrokers Ltd and VSA Capital Ltd are acting as joint bookrunners and placing agents in connection with the placing.
Believes that the net proceeds of the placing and subscription will provide working capital resources to June 30 2026, by which time projects with MSC, OCP, Valkor and Sparkle are expected to be generating commercial revenues subject to project milestones meeting currently anticipated timelines.
Funds from the retail offer will help accelerate product and business development activity, commit to equipment purchases to allow for rapid deployment and to strengthen the balance sheet.
Current stock price: 5.76 pence, down 3.7% in London on Thursday
12-month change: more than doubled
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