Quadrise Fuels: on the hunt for more cash (file image/pixabay)
Emulsified marine fuels firm Quadrise Fuels [AIM:QFI] is looking to raise more cash from its existing investors in an open offer where shareholders can buy one open offer share for every ten shares they already own.
Open offer shares are sold at a discount to the company share price. The company hopes to raise £2.16 million ($2.7m).
The move, if successful, would allow Quadrise "to operate and advance its business development initiatives until early October 2019", according to a company statement.
However, if unsuccessful and without other additional sources of funds, the company may need to consider an "orderly winding down" of the business, the statement said.
The company's emulsified fuel oil can be used in ships and power plants and is cheaper than heavy fuel oil.