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GREENVALE ENERGY LTD — Capital/Financing Update 2006
Dec 21, 2006
65015_rns_2006-12-21_9f59d875-9f79-4f96-be6f-ab23c7943316.pdf
Capital/Financing Update
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GREENVALE MINING N.L.
ACN: 660-743-555
ABN 54 000 743 555
$\begin{tabular}{ll} \textbf{Suite 305 (3$^{st}$ Floor), Angela House, 30-36 Bay Street DOUBLE BAY & NSW & 2028 & AUSTRALIA \ \end{tabular}$ ALL CORRESPONDENCE TO: P.O Box 366, DOUBLE BAY NSW 1360 AUSTRALIA
Tel: (61.2) 9327 2553 $(61\ 2)$ 9327 2028 Fax: e-mail [email protected] SUBSIDIARIES ONSLOW MINING PTY LIMITED
ASSOCIATED COMPANIES MING A PTY LIMITED TEXAS EMERGY CORPORATION N.L. AUSTRAL PACIFIC ENERGY AND RESOURCES CORPORATION (USA)
ANNOUNCEMENT Option issue and Timetable Letter sent to Shareholders
We are pleased to be able to offer you an opportunity to increase your investment in Greenvale Mining by participating in Greenvale Mining's renounceable Rights Issue.
In summary, this is an issue of 1 Option for every 2 Shares held, at an issue price of 40 cents per Option.
The Options which are to acquire fully paid shares are exercisable at any time after 19 January 2010 but must be exercised prior to 5 p.m. on 31 December 2011. Greenvale Mining will apply for the quotation of the Options by ASX. The principal terms of the options are set out on page 2 and 3.
The funds raised will increase Greenvale Mining's cash and assist us to fund:
- the development and acquisition of the Technology sublicensed to Greenvale Mining and ۰ Esperance Minerals under the Idaho National Laboratory ("INL") Sublicense Agreement signed on 16 August 2006;
- research and development of oil shale extraction technologies; and $\bullet$
- bulk sampling for research and development purposes. ٠
TIMETABLE AND IMPORTANT DATES
EVENT
DATE
| 21 December 2006 |
|---|
| 21 December 2006 |
| 22 December 2006 |
| 15 January 2007 |
| 19 January 2007 |
| 22 January 2007 |
| 31 January 2007 |
| 6 February 2007 |
| 14 February 2007 |
| 17 February 2007 |
A Prospectus detailing the Offer and enclosing the necessary application forms will be mailed to existing shareholders holders on or around 22 January 2007. Options will only be issued to investors who have submitted an Entitlement and Acceptance Form which have been issued together with the Prospectus.
This letter is provided for your information only and does not constitute an offer of options in the company. You should consult your financial adviser before making any investment decision. If you have any questions about the Offer or require further information, please contact the Link Market Services - (Australia) 1800 193 510 (International) 612 8280 7477.
ADDITIONAL INFORMATION
| Type of securities to be issued | Options |
|---|---|
| Total number of securities to be issued | Approximately 10,906,000 |
| Total number of shares on issue | 14,295,095 fully paid ordinary shares |
| 7,516,905 ordinary shares paid to 5 cents | |
| Terms of the renounceable rights issue | One option for every two shares held by shareholders by payment of the issue price of 40 cents per option. The option to acquire a fully paid share in the company is exercisable by a further payment of 30 cents at any time after 19 January 2010, but must be exercised prior to 5 pm on 31 December 2011. |
| Expected date of allotment of new securities | 14 February 2007 |
| Policy for deciding entitlements in relation to fractions |
Fractional entitlements will be rounded up. |
| Security holder approval | Security holder approval is not required. |
| Underwriters | The renounceable rights issue is not underwritten. |
ON BEHALF OF THE BOARD OF GREENVALE MINING N.L.
$\cancel{\mathcal{L}}$ - Le
L.White Chairman
22 December 2006