Australia:

Wasabi Energy Shares Suspended As It Fails To Raise Enough Funds (Alliance News Limited)

Shares in Australian company Wasabi Energy Ltd were suspended Monday after it said it had not raised enough funds to pay off its outstanding loan notes, or to fund its purchase of the Tuzla Geothermal Power Project in Turkey.

On November 27 Wasabi said it wanted to raise up to USD14.8 million through a rights issue to complete the purchase of the Tuzla Project, as well as pay off its debt and provide working capital.

On Monday, Wasabi said it was awaiting notification from its UK and Australian based registrars, but that current indications suggest it has not raised enough to allow it to repay its AUD8 million of secured loan notes, which are now due.

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