REDCASTLE RESOURCES LIMITED — Interim / Quarterly Report 2012

Jul 29, 2012

GRP Corporation Limited

Level 1, 981 Wellington Street West Perth WA 6005 ABN 57 096 781 716 PH: 08 6555 2950 FX: 08 9226 5538 EM: info@grpcorporation.com www.grpcorporation.com

July 30, 2012

The Company Announcements Platform ASX Limited Company Announcements Office SYDNEY NSW 2000

Company Update

GRP Corporation ("GRP") (ASX: GRP) is pleased to advise that it has made significant progress on the due diligence of European Energy Limited (EEL), per the announcement to market on May 25, 2012.

The Company is also pleased to announce that it has successfully raised $420,000 through a convertible loan agreement, and hopes to complete a further funding of $1,000,000 via convertible loans in the next 60 days.

The directors are continuing their evaluation of an additional project as announced on 16th March 2012. The projects under evaluation provide a compelling investment case in the opinion of the directors and the Company hopes to enter into a binding acquisition agreement shortly on at least one of these projects.

The Company will advise the market of the outcome of the funding, due diligence and negotiations of the additional projects in the near future.

The Company would like to advise shareholders that:

• After completion of Due Diligence and satisfaction of the terms of the Term Sheet, the Company will seek shareholder approval for the purposes of Listing Rule 11.1.2 for the proposed acquisition of EEL and;
• The Company will be required to re-comply with the requirements of Chapters 1 and 2 of the listing rules prior to the re-instatement to trading of the Company's securities.
• Any securities issued by the Company prior to implementation of the Proposed Acquisition may be subject to escrow restrictions in accordance with the listing rules.

GRP's June Appendix 4C follows.

Yours sincerely

Zane Lewis Non-Executive Director

Rule 4.7B

Appendix 4C

Quarterly report for entities admitted on the basis of commitments

Introduced 31/3/2000. Amended 30/9/2001

Name of entity

GRP Corporation Limited

57 096 781 716 30 June 2012

ABN Quarter ended ("current quarter")

Consolidated statement of cash flows

Cash flows related to operating activities		Current quarter$A'000	Year to date(12 months)$A'000
1.1	Receipts from customers	-	-
1.2	Payments for(a) staff costs	-	-
	(b) advertising and marketing	-	-
	(c) research and development	-	-
	(d) leased assets	-	-
	(e) other working capital	(32)	(133)
1.3	Dividends received	-	-
1.4	Interest and other items of a similar nature
	received	-	-
1.5	Interest and other costs of finance paid	-	-
1.6	Income taxes paid	-	-
1.7	Other - ASX Listing Fees	-	(18)
	Net operating cash flows	(32)	(151)

+ See chapter 19 for defined terms.

		Current quarter$A'000	Year to date(12 months)$A'000
1.8	Net operating cash flows (carried forward)	(32)	(151)
1.9	Cash flows related to investing activitiesPayment for acquisition of:
	(a) businesses (item 5)	-	-
	(b) equity investments(c) intellectual property	-	-
	(d) physical non-current assets	--	--
	(e) other non-current assets	-	-
1.10	Proceeds from disposal of:
	(a) businesses (item 5)	-	-
	(b) equity investments(c) intellectual property	--	--
	(d) physical non-current assets	-	-
	(e) other non-current assets	-	-
1.11	Loans to other entities	(22)	(22)
1.12	Loans repaid by other entities	-	-
1.13	Other (provide details if material)	-	-
	Net investing cash flows	-	-
1.14	Total operating and investing cash flows	(54)	(173)
	Cash flows related to financing activities
1.15	Proceeds from issues of shares, options	57	76
1.16	Proceeds from sale of forfeited shares	-	-
1.171.18	Proceeds from borrowingsRepayment of borrowings	83(38)	201(38)
1.19	Dividends paid	-	-
1.20	Other – share issue costs	-	-
	Net financing cash flows	102	239
	Net increase (decrease) in cash held	48	66
1.211.22	Cash at beginning of quarter/year to dateExchange rate adjustments to item 1.20	23-	5-
1.23	Cash at end of quarter	71	71

+ See chapter 19 for defined terms.

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

		Current quarter$A'000
1.24	Aggregate amount of payments to the parties included in item 1.2	23
1.25	Aggregate amount of loans to the parties included in item 1.11	-
1.26	Explanation necessary for an understanding of the transactions

N/A

Non-cash financing and investing activities

2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

N/A

2.2 Details of outlays made by other entities to establish or increase their share in businesses in which the reporting entity has an interest

N/A

Financing facilities available

Add notes as necessary for an understanding of the position. (See AASB 1026 paragraph 12.2).

		Amount available$A'000	Amount used$A'000
3.1	Loan facilities	-	-
3.2	Credit standby arrangements	-	-

+ See chapter 19 for defined terms.

Reconciliation of cash

Reconciliation of cash at the end of the quarter(as shown in the consolidated statement of cashflows) to the related items in the accounts is asfollows.		Current quarter$A'000	Previous quarter$A'000
4.1	Cash on hand and at bank	71	23
4.2	Deposits at call	-	-
4.3	Bank overdraft	-	-
4.4	Other (provide details)	-	-
	Total: cash at end of quarter (item 1.22)	71	23

Acquisitions and disposals of business entities

		Acquisitions(Item 1.9(a))	Disposals(Item 1.10(a))
5.1	Name of entity	-	-
5.2	Place of incorporationor registration	-	-
5.3	Consideration foracquisition or disposal	-	-
5.4	Total net assets	-	-
5.5	Nature of business	-	-

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act (except to the extent that information is not required because of note 2) or other standards acceptable to ASX.
• 2 This statement does give a true and fair view of the matters disclosed.

Zane Lewis Director

Sign here: Date: 30 July 2012

Notes

+ See chapter 19 for defined terms.

• 1. The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
• 1. The definitions in, and provisions of, AASB 1026: Statement of Cash Flows apply to this report except for the paragraphs of the Standard set out below.
  • 6.2 reconciliation of cash flows arising from operating activities to operating profit or loss
  • 9.2 itemised disclosure relating to acquisitions
  • 9.4 itemised disclosure relating to disposals
  • 12.1(a)- policy for classification of cash items
  • 12.3 disclosure of restrictions on use of cash
  • 13.1 comparative information
• 1. Accounting Standards. ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

+ See chapter 19 for defined terms.