SCIDEV LTD — Capital/Financing Update 2004

Nov 17, 2004

Intec Ltd

Superior and Sustainable Metals Production

Gordon Chiu Building J01 Department of Chemical Engineering Maze Crescent University of Sydney NSW 2006 Australia

Telephone: +612-9351-6741 Facsimile: +612-9351-7180 Email: mail@intec.com.au Website: www.intec.com.au

18 November 2004

Companies Announcements Office Australian Stock Exchange Limited

Finalisation of Placement of Shares and Notice under Section 708A(5)(e)

Reference is made to the announcement on 28 October 2004 of a placement by Intec Ltd (the Company). The Company is now pleased to advise of the issue of 101,450,000 ordinary shares at a price of 6.9 Acents per share to raise A$7,000,050. The shares issued pursuant to the placement rank equally in all respects with all existing ordinary shares previously issued by the Company.

A copy of Appendix 3B as required by Listing Rule 3.10.3 is attached.

The Company will utilise the amount raised towards the funding of the completion, over an approximate fifteen month period, of a demonstration plant, feasibility study for, and financing of, a full-scale Intec processing facility at the Company's wholly-owned Hellyer Mine Site in Tasmania. The broad heads of expenditure of the total A$15 million cost of this process are as follows:

Demonstration plant capital cost:	A$4.65 million
Demonstration plant operating cost:	A$2.60 million
Bankable feasibility study:	A$2.00 million
Care and maintenance costs:	A$1.00 million
Working capital:	A$4.00 million
Capital raising costs:	A$0.75 million
Total:	A$15.00 million

Notice Under Section 708A(5)(e)

The Company advises that on 17 November 2004 it issued the 101,450,000 fully paid ordinary shares at an issue price of A$0.069 per share (New Shares).

The Company gives notice that:

• this notice is being given under section $708A(5)(e)$ of the Corporations Act 2001 $(1)$ (Corporations Act):

• the Company issued the New Shares without disclosure to investors under Part 6D.2 of the $(2)$ Corporations Act;

• $(3)$ as at the date of this notice, the Company has complied with:

  • the provisions of Chapter 2M of the Corporations Act as they apply to the $(a)$ Company; and
  • $(b)$ section 674 of the Corporations Act; and

• except as may be set out in this notice, there is no other information that is excluded $(4)$ information as at the date of this notice which is required to be set out in this notice under section $708A(6)(e)$ of the Corporations Act.

Yours faithfully Intec Ltd

Robert J Waring Company Secretary

Appen3bNov2004placementofshares\stp

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003.

Name of entity

Intec Ltd

ABN

25 001 150 849

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

+Class of +securities issued or to | Fully paid Ordinary Shares $\mathbf{I}$ be issued

• $\overline{2}$ Number of +securities issued or to be issued (if known) or maximum number which may be issued
• $\overline{3}$ Principal terms of the "securities (eg, if options, exercise price and expiry date; if partly paid "securities, the amount outstanding and due dates for payment; if *convertible securities. the conversion price and dates for conversion)

101,450,000 Ordinary Shares

Placement of fully paid Ordinary Shares at an issue price of 6.9 cents

4	Do the "securities rank equally inall respects from the date ofallotment with an existing 'class ofquoted *securities?	Shares	Yes - rank equally with existing fully paid Ordinary
	If the additional securities do notrank equally, please state:the date from which they dothe extent to which theyparticipateforthenextdividend, (in the case of a trust,distribution)Оrinterestpayment• the extent to which they do notrank equally, other than inrelation to the next dividend,
	distribution or interest payment
5	Issue price or consideration	amount raised was $7,000,050	The issue price was 6.9 cents per share and the total
6	Purpose of the issue(If issued as consideration for theacquisition of assets,clearlyidentify those assets)	attached covering letter	Funds raised to raise funds for the purposes set out on
7	Dates of entering *securities intouncertificated holdings or despatchof certificates	18 November 2004
		Number	+ Class
8	*classNumberofalland*securitiesASX.quotedon(including the securities in clause2 if applicable)	350,112,632	Fully paid Ordinary Shares
			*Class
9.	Number*classоfalland"securities not quoted on ASX(including the securities in clause2 if applicable)	Number1,275,000	30 June 2009 Options – exercise price$0.49625
		7,057,122	16 July 2007 Options – exercise price$0.24625
		4,626,008	26 November 2008 Options – exerciseprice $0.10
10	Dividend policy (in the case of atrust, distribution policy) on theincreased capital (interests)	in regard to future dividends	Rank equally with existing fully paid Ordinary Shares

Part 2 - Bonus issue or pro rata issue

to33	securitylsrequired?	holder		approval $\sqrt{Q}$ Questions 11 to 33 are not applicable
	Part 3 - Quotation of securitiesYou need only complete this section if you are applying for quotation of securities

34	Type of securities
	(tick one)

Securities described in Part 1 $(a)$

All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securitieswhen restriction ends, securities issued on expiry or conversion of conve

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

35	If the "securities are "equity securities, the names of the 20 largest holders of the additional "securities,and the number and percentage of additional *securities held by those holders
36	If the "securities are "equity securities, a distribution schedule of the additional "securities setting outthe number of holders in the categories$1 - 1,000$$1,001 - 5,000$$5,001 - 10,000$$10,001 - 100,000$$100,001$ and over
37	A copy of any trust deed for the additional *securities

Entities that have ticked box 34(b)

38to :	$\tau$ quotation is sought	Number of securities for which $\sqrt{\frac{1}{2}}$ Questions 38 to 42 are not applicable
42

Ouotation agreement

• $\mathbf{1}$ *Quotation of our additional *securities is in ASX's absolute discretion. ASX may quote the *securities on any conditions it decides.
• $\overline{2}$ We warrant the following to ASX.
  • The issue of the "securities to be quoted complies with the law and is not for an illegal purpose. $\ddot{\phantom{0}}$
  • There is no reason why those *securities should not be granted *quotation.
  • An offer of the "securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section $1012C(6)$ of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any *securities to be quoted and that no-one has any right to return any "securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the *securities be quoted.
• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the "securities to be quoted, it has been provided at the time that we request that the "securities be quoted.
• If we are a trust, we warrant that no person has the right to return the *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the *securities be quoted
• We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense $\overline{3}$ arising from or connected with any breach of the warranties in this agreement.
• We give ASX the information and documents required by this form. If any information or document not 4 available now, will give it to ASX before +quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here:

R J Waring

Date:

18 November 2004

(Director/Company Secretary)

Print name:

R J Waring

app3B Nov 2004 placement of shares\stp