Spotted this in the IC.....they rate it.....could be a blue sky share I suppose...took a smallish punt on it...but not sure....lots going on within this company...

On the cusp of a golden cross, +10% on reasonable volume.

EPC Contract with Sinopec

EPC contract signed with Sinopec for Kalina Cycle® power plant

· Wasabi New Energy Asia subsidiary, SSNE signs US$10m EPC contract with Sinopec
· Sinopec is one of the largest integrated petrochemical producers in China
· First application of the Kalina Cycle® in the Chinese petrochemical industry
· Follows a design and technical services contract as announced in August 2012
· Key step in aggressive global rollout of Kalina Cycle® technology

30 January 2013

Wasabi Energy Limited

("Wasabi," "the Group" or "the Company")

Additional Secured Loan Note and Issue of Equity

Wasabi Energy Limited (ASX:WAS, AIM:WAS, OTCQX:WSBLY) ("Wasabi"), an emerging power producer, announces that it has raised a further $850,000 under the Secured Loan Note (the "Loan") as announced on 2 January 2013. The total Loan is now $7,000,000 along with 350,000,000 warrants to subscribe for shares at 2 cents per share.

This additional amount carries the same terms and conditions as the initial Loan.

The Company has also issued 728,046 new ordinary shares at 1.8c per share in relation to the purchase of SSNE by Wasabi New Energy Asia Limited. These additional shares are for the final FX adjustment between Australian dollars and RMB.

Following admission of the above shares, expected to be on 4 February 2013, the Company will have 3,049,038,915 Ordinary Shares of no par value in issue. The above figure of 3,049,038,915 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.

Not directly relevant, but it may raise awareness.

Glasgow under-street heating plan unveiled

Researchers are launching a project which aims to use water from abandoned coal mines to provide up to 40% of Glasgow's heat.

It is hoped reservoirs in the city's old tunnels can be used to create geothermal energy.

Half Yearly Report

Major milestones achieved include:
· Continued development for Kalina Cycle® power plants in all key markets culminating in strategic aim to build 25MW's of proprietary power to 2015 and targeting 25MW's of growth per annum thereafter.

· Rollout of regional subsidiaries with dedicated, local, experienced management teams, including establishment of Wasabi New Energy Asia to focus on deployment of the Kalina Cycle® in the Asian region;

· The agreement and part payment for the purchase of 50.5% of Shanghai Shenghe New Energy Resources Science and Technology (SSNE), a Kalina Cycle® licensee for China, Taiwan, Macau and Hong Kong by Wasabi New Energy Asia;

· Wasabi New Energy Asia subsidiary, SSNE awarded EPC contract with Sinopec, China's leading petrochemical producer, following a design and technical services contract for a 4MW Kalina Cycle® plant at the Hainan Petrochemical facility, China

· Purchase of the option over 50% of the Tuzla Geothermal Power Project in Turkey which has an operating 7.5 MWe geothermal power plant and pre feasibility for a 17.5MW Kalina Cycle® power plant;

· All major Kalina Cycle® licensees have Kalina Cycle® power plants under construction;

· Entry into the mining industry by Aqua Guardian Group with a sale of its water conservation product AquaArmourTM to Anglogold Ashanti;

· Successful placing and rights issue in July 2012, raising $8.9m with strong support from major institutional shareholders, and issue of a secured loan note in December 2012 raising $6.5m. Proceeds will be used to fund expansion of the regionally-focused Kalina Cycle businesses.

The Company's non-core listed investments have a current market value of over $9,000,000 and the Board expects to realise these investments in part or in whole in the short term.

Asian Expansion and JV

Wasabi accelerates Asian expansion and establishes JV to address Kalina Cycle® opportunities in the coal industry

· Establishment of Wasabi New Energy Asia complete and first US$3.59m Pre-IPO funds agreed
· Agreement to establish a JV Company with Augut Clean Energy for Kalina Cycle® applications in the coal industry
· A$1.5m subscription by Augut Clean Energy in Wasabi Energy
· Wasabi Energy proposed shareholder meeting

Non-renounceable Rights Issue - Supplemental Prospectus

WASABI ENERGY CLOSES RIGHTS ISSUE

Wasabi Energy Limited, (ASX: WAS, AIM: WAS, OTCQX: WSBLY), an international power producer, advises that the non-renounceable rights issue (the "Rights Issue") announced on 15 May 2013 closed on 13 June 2013.

The number of shares taken up by shareholders was 126,535,521 representing 33% of the ordinary shares of the Company ("Ordinary Shares") on offer. The shortfall of 254,594,679 Ordinary Shares will be available to be placed by the directors for up to 3 months. The Rights Issue raised approximately A$1 million.

Application has been made for the total amount of 126,535,521 Ordinary Shares issued pursuant to the Rights Issue to be admitted to trading on the AIM market and admission is expected to take place on 20 June 2013.

Following the Rights Issue the Company will have 3,325,574,437 Ordinary Shares in issue.

The holding statements will be dispatched shortly.

Wasabi Plans Africa Expansion on Growing Demand for Clean Energy

Wasabi Energy Ltd., a developer of clean-power technology, plans to sell shares in a new unit in Africa as rising demand across the continent lures finance from Asia.

“There seems to be a lot of funding that is wanting to go towards Africa,” Diane Bettess, chief operating officer of the Melbourne-based company, said by telephone. “Chinese companies have built themselves up and got massive penetration in China and now they’re looking for growth so they’re looking outside.”

Directors Dealings

Mr John Byrne related entities purchased 329,142 ordinary shares of the Company on market on 28 June 2013 at 0.6c per share.

Following the purchase of the shares, Mr John Byrne and his related entities now hold 351,731,620 ordinary shares representing 11.1% of the issued capital of the Company, along with 23,688,746 options exercisable at 0.8c each.

UPDATE ON WASABI NEW ENERGY ASIA AND ISSUE OF SHARES

The Directors of Wasabi Energy Limited (ASX: WAS, AIM: WAS, OTCQX: WSBLY), advise that the next instalment of RMB18 million (US$2.85m) has been paid by its subsidiary, Wasabi New Energy Asia (WNEA), for the purchase of Shanghai Shenghe New Energy Resources Science and Technology Limited (SSNE).

As previously announced in November 2012, Wasabi, through its subsidiary, Wasabi New Energy Asia Limited, agreed to purchase 50.5% of SSNE for approximately US$30 million. To date US$22 million has been paid (US$8.2 million in cash, and WNEA has issued 30 million shares at US50c each). The balance of RMB53 million (US$8.30m) is due before 30 November 2013. WNEA has appointed an international brokerage house in Hong Kong to complete a pre-IPO fundraising within this timeframe. It is planned to list WNEA on the Singapore stock exchange in the first half of 2014.

Wasabi granted an option for the vendors to take 31.25% of their WNEA share consideration in Wasabi shares at A1.8c per share (WNEA Option). The vendors have exercised this option and as a result the vendors have been issued 288,001,844 new Wasabi shares at A1.8c per share.

Following the exercise of the WNEA Option, Wasabi owns 40 million shares (66.67%) in the issued share capital in WNEA. In addition, Wasabi has provided loan funds of $5.6m to WNEA in order to facilitate a proportion of the above payments. This loan will be converted into additional shares in WNEA at the time of the IPO at US50c per share.

Wasabi New Energy Asia is being established to address the energy efficiency and renewable power needs of the Asian market. SSNE has been operating within the market in China since 2007 and has already completed a number of projects including the successful powering of the Shanghai Corporate Pavilion at the World EXPO held in Shanghai in 2010 with a Kalina Cycle® power plant using a solar thermal array as the heat source.

Quite strong over the past 5 days on good volume.

It's been a while. Long term holder here but I didn't expect to be wallowing around below 0.5p for so long. Still some way to go to get back to break even never mind profit!

Up another 27% on strong volume - lets hope its not smoke and mirrors!

Looks more like smoke as the stock crashes and burns again.

Shocking stock performance since IPO.

These daily price movements really are making the stock market a bit of a joke, especially with no news.

Question?

What happens if a company fails to raised the funds it needs from a rights issue and the company goes out of business? Do you get the money from the rights issue back as they have not traded yet.

This stock is looking very bad at the moment.

Cheers

It doesn't look good does it!

I have quite a few of these.

The Company is completing a Non-renounceable Rights Issue and is awaiting notification of the amount raised from its UK based registrar as well as its Australian registrar. Current indications, however, suggest that the Company will not have sufficient acceptances of the rights to allow the Company to repay its secured loan notes of a total value of AUD$8 million (including interest) which are now due. The Directors will consider the final amount raised under the Offer with regard to its financial obligations and proposed use of funds as set out in the Offer Document and are currently in discussions with the loan note holders regarding repayment, with third parties to place any shortfall of the rights issue and in relation to the Company's Tuzla project. There is no guarantee that such discussions will be successful.

A further announcement will be made as soon as possible once the Company has confirmed acceptances under the rights issue and, following that, on discussions with loan note holders and third parties and therefore have further clarity on the Company's financial position.

The Directors have also requested a temporary suspension of trading of its ordinary shares on the ASX, which will remain until 3 January 2014.

Only 6.5% take up of rights issue.

Looks doomed

This is the last AIM stock i'm investing in. AIM market is a joke.

Strange amount raised as John Bryne owns 11.1% of the company’s issued share capital so it should have been at least that amount.

Nice start to the new year - NOT!

Voluntary Administrators

Following the consideration of its current financial position, the directors of Wasabi Energy Limited (Wasabi) today resolved to place Wasabi into voluntary administration and appointed John Lindholm and Stewart McCallum of Ferrier Hodgson as joint and several administrators of Wasabi.

The Board is committed to working with the administrators to determine the future of Wasabi and a further update will be provided to shareholders shortly.

ENDS

Luckily I sold out in Oct 2012 for 1p but still lost 20%
2517