BLACK ROCK MINING LIMITED — Capital/Financing Update 2011

Nov 21, 2011

ASX Announcement

Cleansing Statement - Non Renounceable Entitlement Issue

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21 November 2011

ASX Code: GRK

CAPITAL RAISING VIA PRO RATA NON-RENOUNCEABLE ENTITLEMENT ISSUE NOTICE PURSUANT TO PARAGRAPH 708AA (2)(F) OF THE CORPORATIONS ACT(ACT)

This notice is given by Green Rock Energy Limited (Company) under Section 708AA(2)(f) of the Corporations Act 2001 (Cth) (Corporations Act) as notionally modified by Australian Securities and Investment Commission Class Order 08/35 (CO 08/35).

The Company intends to raise up to $ $2,031,241 via a pro rata non-renounceable entitlement issue (Entitlement Issue) on the basis of one (1) new fully paid ordinary share in the Company for every three (3) shares held as at 5:00pm (WST) on 30 November 2011 (Record Date), together with one (1) free Option for each new share issued, to all shareholders.

Shares under the Entitlement Issue will be offered at $0.009 per share. Based on the current capital structure (and assuming no options to acquire shares (Options) are exercised prior to the Record Date), if the Entitlement Issue is fully subscribed, an additional 225,693,493 shares will be issued and approximately $2,031,241 will be raised through the Entitlement Issue.

The rights to Securities under the Offer are non-renounceable. Accordingly, there will be no trading of rights on the ASX and shareholders may not dispose of their rights to subscribe for Securities under the Offer to any other party.

Any shortfall under the Entitlement Issue (Shortfall) will be dealt with in accordance with an Underwriting Agreement, which the Company has entered into with Cygnet Capital Pty Limited (Cygnet), in relation to the Entitlement Issue. [Cygnet has agreed to fully underwrite the Entitlement Issue as well as be appointed by the Company as its nominee under section 615 of the Corporations Act to deal with rights of shareholders who do not have a registered address in Australia or New Zealand.]

The Company hereby confirms that in respect of the Entitlement Issue (as per the requirements of paragraph 708AA(2)(f) of the Corporations Act):

• (a) the Company will offer the shares for issue without disclosure to investors under Part 6D.2 of the Corporations Act as notionally modified by CO 08/35;

• (b) the Company is providing this notice under paragraph 2(f) of section 708AA of the Corporations Act as notionally modified by CO 08/35;

ASX Announcement

Cleansing Statement - Non Renounceable Entitlement Issue

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• (c) as at the date of this notice the Company has complied with:

  • (i) the provisions of Chapter 2M of the Corporations Act as they apply to the Company; and

  • (ii) section 674 of the Corporations Act as it applies to the Company;

• (d) as at the date of this notice, there is no excluded information of the type referred to in sections 708AA(8) and 708AA(9) of the Corporations Act as notionally modified by CO 08/35;

• (e) the issue of the new shares under the Entitlement Issue is not expected to have any impact on the control of the Company.

As at the date of this announcement, the Company currently has 287,699,438 Options on issue. In order to participate in the Entitlement Issue, these Options must be exercised prior to the Record Date.

Yours sincerely,

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Jeff Schneider

Non-Executive Chairman