Kairiki Energy Limited (ASX:KIK) Quarterly Activities Report For June 2009
Perth, Aug 3, 2009 AEST (ABN Newswire) - Kairiki Energy Limited (ASX:KIK)(PINK:KAIRF) is pleased to provide to shareholders the June 2009 Quarterly Report which provides a summary of the progress made by the company. During the quarter, the following occurred:
On 31 July 2009, Kairiki received notice from IMC that that they would seek repayment of the funds held in an escrow account of A$1,022,000 relating to the conversion of options at 31 December 2008 in accordance with the convertible note agreement. The repayment will reduce the convertible note debt balance of US$10,370,000 by approximately US$800,000.
Change in Substantial shareholders
During the quarter the following changes in substantial shareholders occurred:
- IMC Resource Investments Pty Ltd interest fell below the 5% as a result of the capital raising conducted on 29 June 2009;
- RAB Energy Fund Limited interest fell below the 5% as a result of a disposition of 24,297,137 and the capital raising conducted on 29 June 2009; and
- New City Investment Managers increased holding from 23,500,000 to 28,200,000.
Cash Position
At 30 June 2009, Kairiki had A$10,087,000 cash on hand, excluding A$1,022,000 held in a trust account for the benefit of IMC pursuant to the convertible note agreement. The increase in cash during the quarter of A$9,925,000 was attributable to the following:
Increases:
- Equity raisings of A$9.2 million
- Option conversions by Directors of A$0.8 million
Offset by:
- Payment of Interest on Convertible Note of A$0.5 million
- Exploration Costs of A$0.3 million
- General and administrative costs of A$0.35 million
The company continues to manage its general and administration costs very carefully as evidenced by the quarterly charge of A$351,000 and a cost for the six month period to 30 June 2009 of A$526,000.
For the complete Kairiki Energy Quarterly Activities Report for June 2009, please click the link below:
http://www.abnnewswire.net/media/en/docs/61185-ASX-KIK-455285.pdf
Contact
Laurie Brown
Managing Director
Kairiki Energy Limited
TEL: +61-8-9388-6711
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