Wasabi Energy to raise $14.8 million in rights issue
Tuzla, Istanbul, Turkey (source: flickr/ A H T, creative commons)
Francisco Rojas
27 Nov 2013
The funds raised will be used to complete the purchase of the Tuzla Geothermal Power Project in Turkey, to redeem the secured debt and provide additional working capital.
The Directors of Wasabi Energy (ASX: WAS, AIM: WAS) announce that they have resolved to raise up to $14.8m through a Rights issue to all eligible shareholders at an issue price of 0.4 cents per Share.
Mr John Byrne, Chairman commented: “The Offer is designed to place the company in a strong financial position to deliver on its objective
of becoming a high margin independent power producer, leveraging off its ownership of the Kalina
Cycle.
The Offer expects to raise up to approximately $14.8 million (gross). The Company will use these funds to: (i) pay the exercise amount for the Tuzla Geothermal Power Project (TGPP), (ii) repay the secured loan notes issued by the Company in December 2012, (iii) provide support to
Wasabi New Energy Asia as it undertakes its own fundraising activities and (iv) support the general working capital requirements of the Company.
Source: Wasabi Energy Website
