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:
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Quadrise Plc
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+44 (0)20
7031 7321
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Andy Morrison, Chairman
Jason Miles, Chief Executive
Officer
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Nominated
Adviser
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Cavendish Capital Markets Limited
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+44 (0)20
7220 0500
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Ben Jeynes
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Katy Birkin
George Lawson
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Joint
Brokers
Shore Capital Stockbrokers Limited
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+44 (0)20
7408 4090
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Toby Gibbs, Rachel
Goldstein (Corporate Advisory)
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Fiona Conroy (Corporate
Broking)
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VSA
Capital Limited
Andrew Raca (Corporate
Finance)
Andrew Monk (Corporate
Broking)
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+44 (0)20
3005 5000
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Public & Investor
Relations
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Vigo Consulting
Patrick D'Ancona
Finlay Thomson
Peter Jacob
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+44 (0)20
7390 0230
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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
Follow us on social media:
LinkedIn: @Quadrise
Plc
X (formerly
Twitter): @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.