Quadrise PLC - London-based innovator and licensor of residual oil technology, which produces the synthetic heavy fuel oil MSAR - Intends to conduct a placing of 140 million shares at 1.25 pence to raise no less than £1.0 million. Also launches open offer to shareholders of up to a maximum of £2.3 million. Says fundraise is to progress operations and active projects and will strengthen its balance sheet.

Shore Capital Stockbrokers Ltd and VSA Capital LTD will act as joint book runners and placing agents. Cenkos Securities PLC is nominated advisor to Quadrise. Says placing will strengthen its balance sheet and is in the best interest of the company and shareholders.

Current stock price: 1.26 pence, down 34% on Friday

12-month change: down 22%

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