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Trowers & Hamlins advises Wasabi Energy on its placing and rights issue to raise £6.33 million

Trowers & Hamlins advises Wasabi Energy on its placing and rights issue to raise £6.33 million

Trowers & Hamlins, the City and international law firm, has advised Wasabi Energy Limited (the Company) on a placing for £3.3 million (AUS$5.1 million) and a rights issue to raise up to £3.03 million (AUS$4.7 million).

The funds raised through the placing and the rights issue will be used to further the Company's strategy to become an independent power producer by continuing to invest in its main projects such as the Tuzla Geothermal Power Project and the refurbishment of the Husavik power plant. The funds will also be used for working capital purposes and for the partial repayment of loans due to directors.

The Company, which is also listed on the Australian Stock Exchange and the OTCQX, invests in renewable energy projects and projects which it believes can generate solutions to global sustainability challenges. The Company's key investment is the Kalina Cycle® technology which is used to generate electricity from geothermal sources or to gain efficiencies in the generation of electricity from waste heat.

John Byrne, the chairman of the Company comments: "We are very pleased by the strong support shown by our UK based institutional shareholders who have participated in the placing.  In a difficult market, their vision to support the growth of the Company as we strive towards being an independent power producer is encouraging."

Richard Hildebrand, client partner comments: "We are delighted to have assisted the Company in raising funds to further progress the commercialisation of its projects."

Corporate partner, Charles Wilson led the team, assisted by Yasha Gosrani.