Quadrise Fuels International, which supplies a low-cost alternative to heavy fuel oil in the shipping, refining, and power generation markets has confirmed it is the advanced stages of placing as many as 50m new ordinary shares.
The announcement, which followed recent press speculation, said the shares will be placed at around 7p each.
Further details of the placing to be confirmed by Friday.
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The share price fell 9.86% to 8p by 13:30.
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