REG - Quadrise PLC - Representation Agreement Addendum & Warrants Grant

QuadriseAnnouncement

29/05/2024 07:00

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RNS Number : 1716Q  Quadrise PLC  29 May 2024

29 May 2024

Quadrise Plc
("Quadrise" or the "Company")

Addendum to Representation Agreement and Grant of Warrants

 

Quadrise Plc (AIM: QED), the supplier of innovative energy solutions for a
cleaner planet, announces that it has signed an addendum (the "Addendum") to
the Representation Agreement between Quadrise and Younes Maamar (the
"Consultant"), that was originally announced by the Company on 6 March 2019
(the "Agreement").

 

The Agreement, which covers high-level representation services to Quadrise in
Morocco, originally provided for the award of a total of 13 million warrants,
all of which have expired. Under the new Addendum, the term of the Agreement
has been extended to 30 June 2025 and the Consultant will be awarded up to a
total of 15.6 million warrants over new ordinary shares in the Company,
conditional upon certain key milestones being achieved (the "Addendum
Warrants").

 

Following the signature of the Commercial Framework Agreement between Quadrise
and OCP,  as announced by the Company on 28 May 2024, an initial tranche of
3.6 million warrants have been awarded to the Consultant (the "Initial
Warrants"). The Initial Warrants are exercisable at a price of 1.452 pence per
new ordinary share based on the average mid-market closing price of the
Company's ordinary shares over a five-day period ending on 24 May 2024 and are
exercisable at any point until expiry on 31 May 2025.

 

A second tranche of 12 million warrants will be awarded upon securing a
refinery supply source for commercial quantities of MSAR® and the signature
of a Commercial MSAR® Fuel Supply Agreement with OCP, by no later than 31
December 2024. On vesting, these warrants may be exercised at any time until
31 December 2025, at which point they expire (the "Conditional Warrants").

 

The Conditional Warrants will have an exercise price of the average mid-market
closing price of the Company's ordinary shares over the five-day period ending
on the date prior to that on which Quadrise announces signature of a
Commercial MSAR® Fuel Supply Agreement for OCP. All other terms of the
Agreement remain unchanged.

 

The Addendum Warrants represent 100% of the warrants capable of being issued
under the Agreement.

 

For additional information, please contact:

 

 Quadrise Plc                                               +44 (0)20 7031 7321
 Andy Morrison, Chairman

 Jason Miles, Chief Executive Officer

 Nominated Adviser
 Cavendish Capital Markets Limited                          +44 (0)20 7220 0500
 Ben Jeynes
 Katy Birkin

 George Lawson
 Joint Brokers

 Shore Capital Stockbrokers Limited

                                                            +44 (0)20 7408 4090
 Toby Gibbs, Rachel Goldstein (Corporate Advisory)
 Fiona Conroy (Corporate Broking)
 ( )                                                  ( )   ( )
 VSA Capital Limited                                        +44 (0)20 3005 5000

 Andrew Raca (Corporate Finance)

 Andrew Monk (Corporate Broking)

 Public & Investor Relations
 Vigo Consulting                                            +44 (0)20 7390 0230

 Patrick D'Ancona

 Finlay Thomson

Peter Jacob

 

About Quadrise

Quadrise is the supplier of MSAR® and bioMSAR™ emulsion technology, fuels
and biofuels, providing innovative solutions to reduce energy costs and
greenhouse gas emissions today for clients in the global power generation,
shipping, industrial and refining industries.

Learn more at: www.quadrise.com
(https://url.avanan.click/v2/___http:/www.quadrise.com/___.YXAxZTpzaG9yZWNhcDphOm86ZDliYjk0YWMyYzJkMTg2OGJmODhlN2Y5YTIwMzEwOTc6Njo4MGY3OmNiOTg0OWU2Y2NlZWU0NGE3NzYwZTUyMmI4OGQ2ZDJmZWE2NzM1Mzc3YjRkNGYwMTQwMmVhY2E5ZTRkOGQzYjE6cDpU)

 

Follow us on social media:

LinkedIn: @Quadrise Plc
(https://uk.linkedin.com/company/quadrise-international-ltd)

X (formerly Twitter): @QuadrisePlc (https://x.com/QuadrisePlc)

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

 

 

 

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