Ann: Appendix 3Y Change of Director's Interes, page-20

re: Ann: Appendix 3Y Change of Director's... Sent on 23/10/12

Due to the excess demand in the raising, the founding directors sold a portion of our options for 3 reasons. These options expired in December and I could not afford to exercise them, I needed to fund a tax debt and the options will now be exercised bringing funds into the business. The balance of the proceeds of the sale will be reinvested into PXG placement shares subject to shareholder approval.


Please feel free to respond with any queries.

To open the announcements, please click on the links below



Capital Raising announcement

http://asx.com.au/asxpdf/20121023/pdf/429ky3zdg12s5g.pdf



Investor presentation

http://asx.com.au/asxpdf/20121023/pdf/429ky76nyqnj8l.pdf





Kind Regards,

Jon Price



Managing Director

Phoenix Gold Ltd