Market Herald logo


Be the first with the news that moves the market
  • Power provider KALiNA is set to raise $3.2 million for shareholders to expand its presence in Alberta, Canada
  • The company specialises in creating electricity from heat and offers recycled energy and renewable energy services
  • Eligible shareholders will have to opportunity to buy in at 3.5 cents per share
  • KALiNA’s share price fell 24 per cent today and is now sitting at 3.8 cents each

Power provider KALiNA has exceeded its $3 million raising target after receiving commitments for up to $3.2 million from shareholders.

The company is looking to raise the money to fund its projects in Alberta, Canada and continue its expansion in the nation. Additionally, the capital raise will be used to finance ongoing working capital requirements.

Despite the raising commitments, the market has responded unfavourably to KALiNA’s plans. The company’s share price dove 24 per cent today, bringing its value to 3.8 cents apiece at market close.

Shares will be issued at 3.5 cents each to eligible shareholders and will represent roughly 91.4 million new shares.

The share issue price is the company’s 10 day volume weighted average price, and comes at a 0.3 cent discount to today’s closing price.

KALiNA specialises in creating electricity from heat. It recycles energy through a waste heat to power technique and offers renewable heat services from geothermal and solar thermal.

The company has its own Kalina Cycle Technology which tailors “a highly efficient, cost effective power solution for your operation or renewable source,” according to KALiNA.

KALiNA said it is focused on the industrialisation of the Kalina Cycle Technology and intends to tap into two key markets, which it labels as “Asia” and the “rest of the world”.

KPO by the numbers
More From The Market Herald

" State Gas (ASX:GAS) announces new phases of production activities

State Gas (GAS) has announced the start of the second phase of its initiative to bring new gas supplies to the market in
Prominence Energy (ASX:PRM) - Managing Director, Alex Parks

" Prominence Energy (ASX:PRM) “disappointed” with Bowsprit-1 results

Prominence Energy’s (PRM) shares have dropped after the company announced it hasn’t found any commercial volumes of hydrocarbons in the Bowsprit-1 well.

" Brookside Energy (ASX:BRK) gears up to drill Rangers Well

Brookside Energy (BRK) is preparing to drill its second well in the SWISH Area of Interest in the Andarko Basin, Oklahoma.

" Sparc Technologies (ASX:SPN) and University of Adelaide to form hydrogen JV

Sparc Technologies (SPN) and the University of Adelaide (UoA) are set to form a joint venture hydrogen technology company.