During the latter part of 2006, Xtract acquired substantial holdings in COIL, Wasabi Energy Limited (“Wasabi”) and Aviva Corporation Limited (“Aviva”), significantly extending the range of Xtract’s energy and resource related investments.
At 1 July 2007, Xtract held approximately 14 per cent. of the issued capital of Wasabi and 18 per cent. of the issued capital of Aviva.
Wasabi is a diversified investor in renewable energy and low greenhouse emission technologies, with interests in geothermal waste/heat, uranium exploration in Australia’s Northern Territory and biodiesel investments in Victoria.Wasabi recently announced that it had expanded its uranium exploration portfolio through its subsidiary Rum Jungle Uranium Pty Ltd entering into an agreement with Crescent Gold Ltd to earn up to a 90 per cent. interest in highly prospective exploration licences in the Northern Territory.
Xtract has agreed to sell its holding of 61.5 million ordinary shares in Aviva, together with an interest in a technology to convert carbon resources into oil, char and/or coke, to Wasabi in exchange for the issue to Xtract by Wasabi of 175 million new Wasabi ordinary shares together with 25 million warrants exercisable at a price of A$0.03 per Wasabi share.
Following this transaction (which is conditional on the approval of Wasabi’s shareholders at an extraordinary general meeting to be held in August 2007) Xtract will hold 256,511,422 Wasabi ordinary shares.
Aviva is quoted on the ASX market with its head office in Perth, Western Australia. Aviva is growing a portfolio of energy assets with its most advanced assets being the Central West Project. It has commenced definitive feasibility work programs to study the merits of a 400MW power generation project in the Midwest of Australia.
WAS Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
