REPRESENTATION AGREEMENT ADDENDUM & WARRANTS GRANT-QUADRISE PLC

REPRESENTATION AGREEMENT ADDENDUM & WARRANTS GRANT-QUADRISE PLC

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.

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