Details of Kalina Power's proposed entitlement offer

Kalina Power Limited (ASX: $KPO) has announced a proposed pro rata non-renounceable entitlement offer to all eligible shareholders. The offer entails one new share for every eight shares currently held by eligible shareholders, priced at $0.004 per new share. Approximately 276.3 million shares are expected to be issued, raising approximately A$1.1 million before expenses. Eligible shareholders will also have the right to apply for additional shares in excess of their entitlement under a shortfall offer.

Executive commentary on the entitlement offer

The Entitlement Offer is strongly supported by management and existing large shareholders, including sub-underwriting commitment offers from Ross MacLachlan, KPO's CEO and Managing Director, chairman Stephen White, and other existing large shareholders. Peregrine Corporate Limited is acting as lead underwriter to the Entitlement Offer. As a Board, we appreciate the support of our existing shareholders and have been mindful of providing them with the opportunity to maintain their investment in the Company.

Summary of Kalina Power's proposed entitlement offer

Kalina Power Limited (ASX: $KPO) has announced a proposed pro rata non-renounceable entitlement offer to all eligible shareholders. The offer involves issuing approximately 276.3 million shares at $0.004 per new share, aiming to raise A$1.1 million before expenses. The Entitlement Offer is strongly supported by management and existing large shareholders, with sub-underwriting commitment offers from key individuals. The company expresses gratitude for the support of existing shareholders and emphasizes the opportunity for them to maintain their investment in the Company. An indicative timetable for the offer will be provided, and further details will be lodged with ASX Limited.