CULLEN RESOURCES LIMITED — Capital/Financing Update 2012

Sep 27, 2012

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ABN 46 006 045 790

ASX ANNOUNCEMENT 28 SEPTEMBER 2012

SHAREHOLDER SHARE PURCHASE PLAN

The Directors of Cullen Resources Limited ( ASX: CUL ) (“Company”) are pleased to announce a Shareholder Share Purchase Plan (“SSPP”) and corresponding offer to shareholders. The SSPP is designed to provide all shareholders, registered as holders of fully paid ordinary shares in the Company on the Record Date detailed below (and who have registered addresses in Australia and New Zealand) with the opportunity to purchase up to A$15,000 worth of shares in the Company on attractive terms.

TERMS OF THE SSPP AND KEY DATES

The purchase price of the new shares to be offered under the SSPP will be 2 cents each, free from all brokerage and other charges.

The proposed timetable for the offer of shares under the SSPP is as follows:

Record date to determine entitlements (7.00pm AEST)	27 September 2012
Announcement of SSPP	28 September 2012
SSPP opens	3 October 2012
Closing date for application for shares (5.00pm AEST)	19 October 2012
Date of allotment and dispatch of uncertified statements to shareholders	Within 10 business days of the closing of the SSPP

This timetable is indicative only and may, subject to the Listing Rules, be varied without prior notice.

FUNDS TO BE RAISED FROM SSPP

A maximum of 75 million shares are being offered under the SSPP. Priority will be given to those shareholders whose application forms and payments are received first by the Company. Under the SSPP, the Board also has discretion to accept applications in excess of 75 million shares depending on market conditions and the level of investor interest. The Company has absolute discretion as to the amount raised through the SSPP including reserving the right to scale back applications.

Funds raised from the SSPP will be used to progress exploration on the Company’s various properties and for working capital.

________________ Unit 4, 7 Hardy Street South Perth | Western Australia 6151 Telephone: +61 8 9474 5511 | Facsimile: +61 8 9474 5588 E-mail: info@cullenresources.com.au Website: www.cullenresources.com.au

Commenting on the Company’s SSPP and the offer to shareholders, Chairman Dr. Denis Clarke said:

“ The Company has several promising Australian and overseas exploration projects at the drilling stage, and we remain a Participant in the Mt Stuart Iron Ore JV (MSIOJV) ‐ a valuable asset which we believe will realize substantial value for the company in the medium to long term. By taking up the SSPP, shareholders will be able to increase their exposure to the company’s broad‐based portfolio of exploration projects and the potential development of the MSIOJV as part of the planned, substantial West Pilbara Iron Ore Project ‐ Stage 1 (managed by the APIJV). The Company’s multiple exploration projects provide exposure to iron, coal, nickel and gold through joint ventures, and Cullen is advancing its own activities for gold and tungsten in Australia, gold and graphite in Finland, base metals in British Columbia and copper in Namibia.”

OFFER DOCUMENT

The SSPP Offer Document and Application Form will be forwarded to shareholders on 3 October 2012.

FURTHER INFORMATION

Please contact Dr. Chris Ringrose, Managing Director on + 61 8 9474 5511.

ATTRIBUTION: Competent Person Statements

The information in this report that relates to Exploration Results is based on information compiled by Dr Chris Ringrose, Managing Director, Cullen Resources Ltd who is a Member of the Australian Institute of Mining and Metallurgy. Dr. Ringrose is a full time employee of Cullen Resources Ltd. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined by the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr. Ringrose consents to the report being issued in the form and context in which it appears.