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Alliance News


Wasabi Energy Shares Suspended As It Fails To Raise Enough Funds

Mon, 23rd Dec 2013 11:02


LONDON (Alliance News) - Shares in Wasabi Energy Ltd were suspended Monday after it said it had not raised enough funds to pay off its outstanding loan notes, or to fund its purchase of the Tuzla Geothermal Power Project in Turkey.

On November 27 Wasabi said it wanted to raise up to USD14.8 million through a rights issue to complete the purchase of the Tuzla Project, as well as pay off its debt and provide working capital.

On Monday, Wasabi said it was awaiting notification from its UK and Australian based registrars, but that current indications suggest it has not raised enough to allow it to repay its AUD8 million of secured loan notes, which are now due.

It said it was currently in talks with the loan note holders over repayment, and with third parties to meet the shortfall with regards to its offer for the Tuzla project.

Wasabi will provide a further announcement once it has confirmed the total raised in the rights issue and the results of its discussions with the loan-note holders.

Before suspension, Wasabi shares last traded Friday down 5.4% at 0.236 pence.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

Copyright © 2013 Alliance News Limited. All Rights Reserved.

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