KALiNA Power Limited (ASX: KPO) has received firm commitments for $1.5 million through a share placement to sophisticated, professional, and institutional investors. The placement involves the issuance of 187.5 million shares at $0.008 per share, with one free attaching option for every two shares issued, exercisable at $0.02 and expiring 18 months from the issue date. The placement was managed by BW Equities Pty Ltd.
Directors have committed to subscribe for approximately $210,000 (26.25 million shares), subject to shareholder approval at a forthcoming general meeting. Settlement of the placement is scheduled for 11 March 2025, with new shares expected to be issued on 12 March 2025.
In addition to the placement, KPO has announced a pro-rata non-renounceable entitlement offer to raise approximately $1.04 million. The offer is structured as one new share for every twenty-one shares held, at an issue price of $0.008 per share. Eligible shareholders will receive one free attaching option for every two shares subscribed for under the offer. Shareholders will also have the opportunity to apply for additional shares under a shortfall offer.
The company plans to lodge a transaction-specific prospectus on 5 March 2025, with key dates including:
- Ex-date for the entitlement offer: 10 March 2025
- Offer close date: 3 April 2025
- Allotment of securities: Before noon on 10 April 2025
- Commencement of trading: 11 April 2025
Funds raised through the placement and entitlement offer will be used for working capital requirements and execution of the company’s strategic plans. KPO has stated that it remains committed to providing existing shareholders with an opportunity to maintain their investment in the company.
The company will update shareholders on the status of the placement and entitlement offer as the process progresses.
