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CONICO LTD Capital/Financing Update 2008

Oct 15, 2008

64678_rns_2008-10-15_5d034c8d-b7ea-47b8-b424-e6a2168b3352.pdf

Capital/Financing Update

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ACN 119 057 457

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AUSTRALIAN STOCK EXCHANGE ANNOUNCEMENT

16 OCTOBER 2008

ISSUE AND LAPSE OF OPTIONS TO ACQUIRE ORDINARY FULLY PAID SHARES PURSUANT TO THE FISSION ENERGY EMPLOYEE SHARE OPTION PLAN

Fission Energy Ltd (“the Company”) announces that it has issued 500,000 options in the Company, free of charge, each to acquire one fully paid ordinary share in the Company (“the Options”) as per the terms and conditions of the Company’s Employee Share Option Plan and as set out below:

The vesting dates for the Options are:

a. as to 100,000 Options ("the First Vested Option"), the date of the grant of the options (the "First Vesting Date");
b. as to 100,000 Options ("the Second Vested Options"), 26 May 2009 (the "Second Vesting Date");
c. as to 100,000 Options ("the Third Vested Options"), 26 May 2010 (the "Third Vesting Date").
d. as to 100,000 Options ("the Fourth Vested Options"), 26 May 2011 (the "Fourth Vesting Date").
e. as to 100,000 Options ("the Fifth Vested Options"), 26 May 2012 (the "Fifth Vesting Date").

The Options will be exercisable at any time after they have vested and prior to 26 May 2013 at an exercise price of 19 cents.

The Options were issued to Company Employees free of charge under the terms and conditions of the Employee Share Option Plan. Accordingly no funds were raised by the issue.