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On 29 May 2024, Quadrise Plc signed an addendum to its Representation Agreement with Younes Maamar, extending the term to 30 June 2025 and potentially awarding him up to 15.6 million warrants. An initial tranche of 3.6 million warrants was awarded, exercisable at 1.452 pence per share until 31 May 2025. A further 12 million warrants are conditional upon securing a refinery supply and a Commercial MSAR® Fuel Supply Agreement with OCP by 31 December 2024, exercisable until 31 December 2025.
| Date | 29 May 2024 |
| Time | 07:00:09 |
| Category | Miscellaneous |
| ID | 1716Q |
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 |
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+44 (0)20 7390 0230 |
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.