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FENIX RESOURCES LTD Capital/Financing Update 2010

Mar 23, 2010

64910_rns_2010-03-23_10bf3b0d-289d-47f9-a32d-8de3331e1879.pdf

Capital/Financing Update

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ASX/MEDIA RELEASE

24 March 2010

ASX Codes: EMG, EMGO

Waiver Request Granted – Listing Rule 14.7

Emergent Resources Limited (ASX: EMG) (Emergent) advises that further to the company’s announcement on 12 March 2010, the ASX has granted a waiver of Listing Rule 14.7 to allow Emergent to issue securities approved in general meeting on 11 December 2009 beyond the 3 month timeframe required by the Listing Rules.

The waiver is subject to the securities being issued no later than 30 April 2010 and with respect to the Placement Securities the issue price cannot be set any lower than 80% of the lowest average market price of the company’s shares during any 5 consecutive days on which sales of the company’s shares were recorded between 11 December 2009 and 11 March 2009. The company has determined the lowest average market price of the company’s shares to be 49 cents.

ENDS

For further information please contact:

Garry Hemming Managing Director Emergent Resources Mob: 0419 835 757 E: [email protected] Website: www.emergentresources.com.au