ICO Group Limited — Capital/Financing Update 2010

Jun 9, 2010

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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JACKIN INTERNATIONAL HOLDINGS LIMITED 輝影國際集團有限公司[*]

(Incorporated in Bermuda with limited liability)

(Stock Code : 630)

CHANGE OF USE OF PROCEEDS OF PLACING

The Company completed the Placing on 21 January 2010 and raised a net proceed of approximately HK$193.1 million from the Placing. The intended use of the Placing Proceeds was set out in the Placing Announcement. The Board proposes to change the use of the Placing Proceeds in light of the recent development of the business and the working capital requirements of the Group as more particularly described below.

References are made to (i) the announcement of the Jackin International Holdings Limited (the “ Company ”) dated 8 January 2010 (the “ Acquisition Announcement ”) in relation to, among other things, the proposed Acquisition of SE Metal Resource Corp. which has beneficial interest in three Mines; (ii) the announcement of the Company dated 14 January 2010 (the “ Placing Announcement ”) in relation to, among other things, the placing (the “ Placing ”) of 210 million of new Shares under the general mandate; and (iii) the announcement of the Company dated 21 January 2010 (the “ Placing Completion Announcement ”) in relation to the completion of the Placing. Capitalised terms used in this announcement shall have the same meanings as those defined in the Acquisition Announcement unless otherwise specified herein.

• For identification purposes only

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RECENT DEVELOPMENT OF THE GROUP

Completion of the Placing took place on 21 January 2010 and the Company has raised a net proceed of approximately HK$193.1 million from the Placing (the “ Placing Proceeds ”). It was stated in the Placing Announcement that the Directors intended to apply the Placing Proceeds as to (i) HK$38.75 million for the payment of the Refundable Deposit for the Acquisition; and (ii) as to the balance of approximately HK$154.35 million for the due diligence and evaluation exercise, including conducting a technical survey and an independent valuation on the three Mines (the “ Preliminary Expenses ”), and if there is any surplus, the unutilized portion of the net proceeds earmarked for Preliminary Expenses will be used as general working purposes for drilling and exploration project. The Refundable Deposit of HK$38.75 million has been paid in accordance with the Acquisition Agreement.

Subsequent to the issue of the Acquisition Announcement, the Company has commenced legal due diligence on the three Mines. As at the date of this announcement, the Company has substantially completed the legal due diligence on the Copper-Gold Mine and the legal due diligence on the Gold Mine and the Iron-Ore Mine is yet to be completed. In view of the current status of the legal due diligence, the Company will first proceed with the evaluation work on the resources of the Copper-Gold Mine. Accordingly, the Company has engaged the Sixth Geology Exploration Institute of China for the design and formulation of the evaluation and feasibility plan to ascertain the amount of measured resources of the Copper-Gold Mine. SRK Consulting China Ltd has been engaged as an independent technical adviser to perform the technical evaluation of the resources of the Copper-Gold Mine. To facilitate the necessary drilling and evaluation work, the construction of water and electricity supply as well as railway access to the Copper-Gold Mine will be commenced next month.

The Directors wish to inform the Shareholders that the Company has spent approximately HK$49 million out of the Placing Proceeds as general working capital of the Group including repayment of bank loans and payment of finance charges of approximately HK$13.3 million, general and administrative expenses and professional fees of approximately HK$35.7 million. In addition, as stated in the annual report of the Company for the year ended 31 December 2009, the Group has further diversified its businesses into the resources sector by embarking into the minerals trading business in April 2010 with a view to broadening the revenue and earning sources of the Group, obtaining industry knowledge and strengthening core competence to thrive for the debut of the Group’s mining operation in due course.

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REVISED INTENDED USE OF PLACING PROCEEDS

In the circumstances, the Company proposes to change the use of the Placing Proceeds of HK$193.1 million as follows:

• (i) as to HK$38.75 million for payment of the Refundable Deposit which has been made as said above;

• (ii) as to approximately HK$49 million has been used for general working capital of the Group as described above;

(iii) as to approximately HK$46 million for the Preliminary Expenses;

• (iv) as to approximately HK$39.2 million for the repayment of the principal amount and accrued interest of the outstanding notes issued to Martin Currie China Hedge Fund L.P., which is due on 27 June 2010; and

• (v) as to approximately HK$20.15 million for the trading operation of the Group in mineral resources.

The Company will monitor the use of the Placing Proceeds. Any further spending on the Preliminary Expenses in excess of HK$46 million will be funded either by internal resources of the Group or by further fund raising from the capital market. As at the date of this announcement, the Company has no concrete plan on future fund raising exercise and has not entered into any understanding, arrangement or agreement in relation to future fund raising.

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The Directors consider that the change of use of Placing Proceeds as described above is in the interests of the Company and Shareholders as a whole.

For and on behalf of the Board Jackin International Holdings Limited Ho Yin King, Helena Chairman

Hong Kong, 8 June 2010

As at the date of this announcement, Ms. Ho Yin King, Helena, Mr. Yip Wai Lun, Alvin, Mr. Ma Bo Ping, Mr. Zhou Yu Sheng and Ms. Lam Suk Ling, Shirley are the executive Directors and Mr. Leung Ka Kui, Johnny, Mr. Chan Kam Kwan, Jason and Mr. Lo Kok Kee are the independent non-executive Directors.

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