Company Announcements

23 June 2020

Quadrise Fuels International plc

("Quadrise", "QFI" or "the Company")

Issue of Equity

The Company announces that, following receipt of a notice of exercise in respect of the convertible security issued by the Company on 30 August 2019 (the "Convertible Security") to convert £250,000  of the Convertible Security into new ordinary shares in the Company at a conversion price of 1.1p per new ordinary share, the Company has today issued 22,727,273 new ordinary shares (the "New Ordinary Shares"). An amount of £1,700,000 remains outstanding under the Convertible Security.

Application has been made for the New Ordinary Shares, which rank pari passu with the Company's existing ordinary shares, to be admitted to trading on AIM ("Admission"). Admission of the New Ordinary Shares is expected at 8.00 a.m. on 26 June 2020.

On Admission, the Company will have 1,035,150,774 Ordinary Shares in issue with each Ordinary Share carrying the right to one vote. No Ordinary Shares are held in treasury. The total number of voting rights in the Company will therefore be 1,035,150,774 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company in accordance with the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

For further information, please refer to the Company's website at www.quadrisefuels.com, or contact ir@quadrisefuels.com or phone:

Notes to Editors

QFI is the supplier of MSAR^® emulsion technology and fuels, a low-cost alternative to heavy fuel oil (one of the world's largest fuel markets, comprising over 450 million tons per annum) in the global shipping, refining and steam and power generation industries.