MYECO GROUP LTD — Capital/Financing Update 2012

Mar 15, 2012

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TO: COMPANY ANNOUNCEMENTS OFFICE ASX LIMITED

DATE: 16 March 2012

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 10 February 2012 closed on 13 March 2012.

A total of 336,351,454 New Shares and 336,351,454 New Options exercisable on or before 30 June 2015 at 1.5 cents each were offered to shareholders (after rounding down entitlements). The Rights Issue was partially underwritten by Patersons Securities Limited (“Patersons”) up to $1.5 million.

The results of the Rights Issue Offer are summarised below:

	New Shares	New Options
Acceptances	166,235,811	166,235,811
Round Up Offer	4,821,683	4,821,683
Total Acceptances	171,057,494	171,057,494
TotalShortfallSecurities	165,293,960	165,293,960
Less:UnderwrittenShortfallSecurities	43,228,220	43,228,220
Balance ShortfallSecurities	122,065,740	122,065,740

The total amount of $1,197,402 has been raised from total acceptances which represent 51% take up of the total securities on offer. In accordance with the terms of the $1.5M partial underwriting agreement, Patersons Securities Limited will advise the company on or before the 19 March 2012 if the Underwriter shortfall amount of $302,598 will be taken up.

The Directors will look to place the balance of the shortfall securities in accordance with the ASX listing rules.

New Shares and New Options will be allotted on 21 March 2012.

Pat Volpe Chairman

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