WAS 0.00% 0.4¢ wasabi energy limited

wasabi energy limited (was)

  1. 182 Posts.
    There's an upcoming 1 for 2 rights issue to be approved at a meeting on 7 feb 05

    Resolution 2 – Issue of Shares to an Underwriter The Company announced on 22 November 2004 its intention to raise up to $1,988,230 by a non-renouncable Rights Issue. The pro-rata offering is on the basis of one New Share at a price of 1.6 cents and a free attaching Option expiring 31 December 2006 and exercisable at 2 cents per share for every two existing Shares. Cambrian Mining Plc (“Cambrian”), a major shareholder of the Company, has agreed to underwrite the Rights Issue. The Underwriting Agreement is subject to and conditional upon Shareholders approving the issue of any shortfall New Shares to Cambrian in accordance with all relevant provisions of the ASX Listing Rules and the Corporations Act. The ASX Listing Rules and the Corporations Act set out various regulatory requirements which must be satisfied in relation to the issue of Shares to Cambrian pursuant to the Underwriting Agreement.

    PRINCIPAL ACTIVITY
    Wasabi Energy Limited ((WAS) formerly Insurance My Way Limited) holds unsecured
    convertible notes in Exergy Inc. Exergy was incorporated in California to
    license the Kalina Cycle Technology and to develop the Technology commercially.
    Exergy does not have the financial capacity to repay the convertible notes at
    present.

    EXERGY INC: Exergy Inc is a Californian based energy and technology company that
    has developed, patented and commercialised a thermal energy generation system.
    Exergy uses waste heat from geothermal, biomass and numerous other heat sources
    to produce energy. Exergy derives revenue from the sale of licensing their
    technology and through the provision of engineering services. WAS holds $547,000
    in unsecured convertible notes in Exergy. At present, Exergy does not have the
    financial capacity to repay the convertible notes. WAS believes that Exergy's
    technology has merit, and that the convertible notes will prove to have value.
    WAS is presently examining options to realise the value from the convertible
    notes.



    DIRECTORS
    Mr Wayne Blakeney
    Dr Frank Reid
    Mr Timothy Wise


    PRINCIPALS
    MD/CEO Mr Timothy Wise
    Company Secretary Mr Phillip J MacLeod
    Mr Timothy Wise
 
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