BDB Pitmans has advised existing client Quadrise Fuels International on the placing of new ordinary shares in the capital of the company to institutional and other investors to raise gross proceeds of £6 million by way of a cash box mechanism, as well as an open offer to certain existing shareholders to raise additional gross proceeds of approximately £1m. The placing shares were admitted to trading on AIM on March 9, 2021, and the open offer shares were admitted to trading on AIM on March 24, 2021.
Quadrise specialises in supplying low-cost, cleaner alternatives to heavy fuel oil. The company has developed an innovative and disruptive technology solution, multiphase superfine atomised residue (MSAR®), which has created an enhanced emulsified synthetic heavy fuel oil (HFO) for marine bunker, power and industrial applications.
Nick McCarthy, corporate partner at BDB Pitmans, who led the team on the transaction, remarks: “As the first major economy to put a net-zero emissions target into law, the spotlight is on the UK to reach the ambitious target set for 2050. We pride ourselves on working with companies such as Quadrise, which supply cleaner alternatives to carbon-emitting fuels, raising significant proceeds to assist with the development of innovative technological solutions to the climate crisis.
“We are delighted to have worked with existing client Quadrise and to be supporting its mission to be the world’s leading emulsion fuels and technology company – adding value to its shareholders and helping the environment.”