MYECO GROUP LTD — Capital/Financing Update 2011

Jun 8, 2011

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TO: COMPANY ANNOUNCEMENTS OFFICE ASX LIMITED

DATE: 9 June 2011

RESULTS OF THE RIGHTS ISSUE

Cardia Bioplastics Limited (“Cardia”) (ASX: CNN) (OTCQX: CDRBY) wishes to announce that the renounceable rights issue offer (“ Rights Issue Offer ”) pursuant to Cardia’s prospectus dated 5 May 2011 closed on 7 June 2011.

A total of 447,274,855 New Shares and 111,818,714 New Options exercisable on or before 30 June 2012 at 1.5 cents each were offered to shareholders (after rounding up entitlements).

The results of the Rights Issue Offer are summarised below:

	New Shares	New Options
Acceptances	103,917,887	25,979,472
Round Up Offer	4,000,252	1,000,063
Total acceptances	107,918,139	26,979,535
Amount raised from acceptances	$1,079,181.39	-
Shortfall Securities	339,356,716	84,839,179

In accordance with the terms of the underwriting agreement with Patersons Securities Limited, the Company has advised the underwriter of the number of Shortfall Securities. As noted in the prospectus for the Rights Issue Offer, the obligations of the underwriter to underwrite the Rights Issue Offer are subject to certain events of termination not occurring prior to the issue of the Shortfall Securities to the underwriter. The Company will be advised of shortfall take up by the underwriter on or before 15 June 2011.

New Shares and New Options will be allotted on 16 June 2011.

Pat Volpe

Chairman

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