UK cash. File Image / Pixabay
Emulsion bunker fuel firm Quadrise Fuels International [AIM:QFI] has launched a fresh appeal for cash as it looks to help secure a future beyond the next few months.
In a statement released today the firm confirmed its previously announced position that it currently has funding to last only until early October 2019.
"As a result, the Company confirms that it is now seeking equity or equity-linked funding to enable the Company to continue with its business development initiatives beyond early October 2019 with a view to capitalising on recent business development progress and, ultimately, to delivering commercial projects," it said.
The company was already in trouble last year, but in January secured approximately £1.51 million from a new share offering - although this was less than the £2.16 million it had originally hoped for.
Since then Quadrise has announced the appointment of former BP man Bryan Kaye Sanderson as a non-executive director and a partnership deal with Saudi firm Al Khafrah Holding Group (AKHG).