Wasabi raises $3.2m from share sale

Mineral exploration and energy technology company, Wasabi Energy Ltd, has raised $3.2 million through the sale of 4 million shares in Aviva Corporation Ltd at 80 cents each.

Wasabi Energy's holding of 14.1 million shares in Aviva and has now been reduced to 10.1 million through the sale.

The West Perth-based company originally acquired the shares at a price equivalent to 30 cents per share.

Wasabi recently borrowed $1.25 million from its 35 per cent stakeholder Xtract Energy in order to maintain its 12.5 per cent interest in Greenearth Energy Limited at its IPO.

The funds raised from the sale of the Aviva share parcel will be used to repay the Xtract Energy advance and for
working capital.