EQ RESOURCES LIMITED — Capital/Financing Update 2008

Jul 9, 2008

==> picture [79 x 92] intentionally omitted <==

10 July 2008

Companies Announcements Office Australian Securities Exchange

RENOUNCEABLE RIGHTS ISSUE APPENDIX 3B

We refer to the Icon Resources Ltd (ASX Code: III) announcement dated 7 July 2008 concerning the completion of the renounceable rights issue of Shares and Options to shareholders. On 9 July 2008 there were 5,912,229 ordinary shares (at an issue price of 20 cents per share) were allotted together with 2,956,137 free attaching new options (on the basis of one option for every two shares subscribed for rounded up to the nearest option). The options are exercisable at 35 cents each at any time prior to the expiry date of 30 June 2009. Attached is an update to the preliminary Appendix 3B lodged on 2 June 2008.

In accordance with the Prospectus, the Company is now working with the Broker to the Issue (ABN AMRO Morgans) to place the shortfall from the Issue.

ICON RESOURCES LTD

Robert J Waring Company Secretary

Icon Resources Ltd ACN 115 009 106 Suite 404, 25 Lime Street, Sydney NSW 2000 Telephone: +61 2 9279 1252 Facsimile: +61 2 9279 2727

Appendix 3B New issue announcement

ICON RESOURCES LTD

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement,

application for quotation of additional securities

and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003.

Name of entity

Icon Resources Ltd

ABN

77 115 009 106

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1 +Class of +securities issued or to be issued 2 Number of +securities issued or to be issued (if known) or maximum number which may be issued 3 Principal terms of the +securities (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion) 4 Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities? If the additional securities do not rank equally, please state: • the date from which they do • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment	Fully paid ordinary shares and options.
	5,912,229 ordinary shares and 2,956,137 options.
	Fully paid ordinary shares and options to subscribe for ordinary shares at an exercise price of 35 cents and are exercisable until expiry on 30 June 2009.
	The fully paid ordinary shares will rank equally with Icon’s currently quoted fully paid ordinary shares. There are no current quoted options.

+See chapter 19 for defined terms 1/1/2003

Appendix 3B Page 1

Appendix 3B New issue announcement

ICON RESOURCES LTD

5 Issue price or consideration 6 Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets) 7 Date of entering +securities into uncertificated holdings or despatch of certificates 8 Number and +class of all +securities quoted on ASX (_including_the securities in clause 2 if applicable) 9 Number and +class of all +securities not quoted on ASX (_including_the securities in clause 2 if applicable) 10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests) Part 2 – Bonus issue or pro rata issue 11 Is security holder approval required? 12 Is the issue renounceable or non-renounceable? 13 Ratio in which the +securities will be offered 14 +Class of +securities to which the offer relates	Entitlements under the rights issue were determined on the basis of one new Icon share for every three existing Icon shares held at the record date at an issue price of $0.20 per share, payable in full on application, together with a one-for-two, free attaching and ASX-listed option.	Entitlements under the rights issue were determined on the basis of one new Icon share for every three existing Icon shares held at the record date at an issue price of $0.20 per share, payable in full on application, together with a one-for-two, free attaching and ASX-listed option.
	As detailed in the Prospectus released to ASX.
	10 July 2008
	Number	+Class
	52,405,477 2,956,137	Fully Paid Ordinary Shares 30 June 2009 Options – exercise price 35 cents
	Number	+Class
	1,200,000 1,260,870 400,000	8 March 2011 Options – exercise price 30 cents 30 November 2012 Options – exercise price 45 cents 30 November 2012 Options – exercise price 30 cents
	Options have no entitlement to any future dividends unless exercised.
	No
	Renouceable
	The renounceable rights issue is one share for every three shares held on the record date, with one free attaching new option for every two new shares subscribed for.
	Offer of New Shares and New Options to holders of fully paid ordinary shares. The options are to subscribe for ordinary shares at an exercise price of 35 cents and are exercisable until expiry on 30 June 2009.

+See chapter 19 for defined terms 1/1/2003

Appendix 3B Page 2

Appendix 3B New issue announcement

ICON RESOURCES LTD

15 +Record date to determine entitlements 16 Will holdings on different registers (or subregisters) be aggregated for calculating entitlements? 17 Policy for deciding entitlements in relation to fractions 18 Names of countries in which the entity has +security holders who will not be sent new issue documents Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7. 19 Closing date for receipt of acceptances or renunciations 20 Names of any underwriters 21 Amount of any underwriting fee or commission 22 Names of any brokers to the issue 23 Fee or commission payable to the broker to the issue 24 Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of +security holders 25 If the issue is contingent on +security holders’ approval, the date of the meeting 26 Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled 27 If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders 28 Date rights trading will begin (if applicable) 29 Date rights trading will end (if applicable)	12 June 2008
	Yes
	Fractions will be rounded up.
	Australia and New Zealand, and as set out in Section 3.15 of the Prospectus dated 2 June 2008.
	2 July 2008
	None
	Not applicable
	ABN AMRO Morgans
	Refer to Section 3.9 of the Prospectus dated 2 June 2008.
	Refer to Section 3.9 of the Prospectus dated 2 June 2008.
	Not applicable
	18 June 2008
	Notices were sent to option holders on 28 May 2008.
	5 June 2008
	25 June 2008

+See chapter 19 for defined terms 1/1/2003

Appendix 3B Page 3

Appendix 3B New issue announcement

ICON RESOURCES LTD

• 30 How do +security holders sell their entitlements in full through a broker?

• 31 How do +security holders sell part of their entitlements through a broker and accept for the balance?

• 32 How do +security holders dispose of their entitlements (except by sale through a broker)?

• 33 +Despatch date

Refer to Section 3.5 of the Prospectus dated 2 June 2008. Refer Prospectus Section 3.5 Refer Prospectus Section 3.5 10 July 2008

Part 3 – Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities (tick one)

• (a) � Securities described in Part 1

• (b) All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

• 35 If the +securities are +equity securities, the names of the 20 largest holders of the additional +securities, and the number and percentage of additional +securities held by those holders

• 36 If the +securities are +equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories

1- 1,000 1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 and over

• 37 A copy of any trust deed for the additional +securities

Information to Questions 35 to 37 will be provided following the Closing Date of the Issue and the issue of the Shares and Options for which quotation is being sought.

+See chapter 19 for defined terms 1/1/2003

Appendix 3B Page 4

Appendix 3B New issue announcement

ICON RESOURCES LTD

Entities that have ticked box 34(b)

Questions 38 to 42

Not applicable

Quotation agreement

• 1 +Quotation of our additional +securities is in ASX's absolute discretion. ASX may quote the +securities on any conditions it decides.

• 2 We warrant the following to ASX.

• The issue of the +securities to be quoted complies with the law and is not for an illegal purpose.

• There is no reason why those +securities should not be granted +quotation.

• An offer of the +securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty.

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any +securities to be quoted and that no-one has any right to return any +securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the +securities be quoted.

• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the +securities to be quoted, it has been provided at the time that we request that the +securities be quoted.

• If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the +securities be quoted.

• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

• 4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before +quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here:

Robert Waring

Date: 10 July 2008

( ~~Director/S~~ ecretary)

Print name: Robert J Waring

== == == == ==

Appendix 3B 10 Jul 08

+See chapter 19 for defined terms 1/1/2003

Appendix 3B Page 5