"Directors advise that Wasabi has entered into agreements that will strengthen the company’s energy asset base. The agreements involve the purchase of a 50% interest in a joint venture with Danieli Corus, a world leader in steelmaking technology, and an 18.6% shareholding in Aviva Corporation Ltd, a prospective coal miner and power generator in the Central-West region of WA. The acquisitions will be subject to shareholder approval and will involve the issue of 175 million new Wasabi shares and 25 million options exercisable at 3c per share on or before 30 June, 2008.
....
Wasabi directors have also resolved to raise $375,000 for working capital purposes through the placement of 15 million shares with 15 million attaching options at a price of 2.5c per share. The options will be exercisable at 2.5 cents on or before 31 December 2007. Directors have appointed Mr Stephen Morris as an executive director. Mr Morris has had extensive experience in international corporate finance and investment. In order to secure the services of Mr Morris, directors have resolved, subject to shareholders’ approval, to issue to Mr Morris 5 million options exercisable at 3c per share and 5 million options exercisable at 3.5c per share on or before 30 November 2009. It is also proposed that a similar package of options be issued to the Managing Director, Mr Wise. Mr Wise’s current option package expires in January 2007. The purchase will add considerably to Wasabi’s energy base which presently comprises Exergy’s low heat power generation technology that converts geothermal and waste heat to electricity, uranium exploration in Australia’s Northern Territory and bio-diesel investments in Victoria."
WAS Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
