Quadrise PLC - London-based innovator and licensor of residual oil technology, which produces the synthetic heavy fuel oil MSAR - Says it has conditionally raised gross proceeds of £1.1 million. This is after a placing of 88.0 million new shares at a price of 1.25 pence. Expects to raise up to £2.2 million in additional gross proceeds via the launch of an open offer to qualifying shareholders.

Earlier Friday, Quadrise said it intended to conduct a placing of 140 million shares at 1.25 pence to raise no less than £1.0 million. It also launched an open offer to shareholders of up to a maximum of £2.3 million. Quadrise said the fundraise would be used to progress operations and active projects and strengthen its balance sheet.

Current stock price: 1.27 pence, down 33%

12-month change: down 21%

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