EQ RESOURCES LIMITED — Capital/Financing Update 2012

Mar 18, 2012

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19 March 2012

Company Announcements Office Australian Securities Exchange

Carbine Tungsten Placement following Rights Issue Shortfall

Further to Carbine Tungsten Limited’s (the Company) announcement on 16 March 2012, the Company advises that the Placement of the Shortfall from the Rights Issue of 16,682,423 shares at $0.09 to raise $1,501,418.07 has been completed. Allotment of shares from the Placement will take place when the funds from the Placement have been received and cleared, and an Appendix 3B will be lodged at that time.

The Directors appreciate the solid support from brokers and professional investors who supported the Placement.

Carbine Tungsten Limited

Robert J Waring

Company Secretary

Carbine Tungsten Limited

ACN 115 009 106

Cairns Office: 50 Scott Street, Bungalow QLD 4870, Tel: +61 7 4052 2400, Fax: +61 7 4052 2444 Registered Office: Suite 505, Level 5, 35 Lime Street, Sydney NSW 2000, Tel: +61 2 9279 1252, Fax: +61 2 9279 2727