Quadrise Fuels in advance talks with potential funding provider

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Alternative fuels developer Quadrise Fuels International said it was in advanced discussions with a potential provider of funding following the receipt of several proposals.

The company said the arrangement was expected to involve an issue of new shares and would include an opportunity for existing shareholders to participate in an open offer.

The plan was expected to be confirmed by the end of August.

Quadrise said it expected proceeds from the funding to allow it to continue its business development activities and operations through to mid-2020.

As at 31 July, it had unaudited cash balances of £808k.

'As first announced by the company in January 2019, the company's existing cash resources are sufficient to enable the company to operate and continue with its normal business development initiatives until October 2019,' Quadrise said.

'Should the company not have access to additional funds by early October 2019, and whilst the company would still remain solvent and able to meet all of its liabilities in full at that time, the board would need to consider the viability and future of the business at that time.'