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more issue of shares

ASX ANNOUNCEMENT
8 July 2009



The recent equity offer and the finalisation of GRAMfs cornerstone investment will release the
shackles of debt so that the Company can re]focus on growing the business.
The first resolution to make a placement of 19.9% of PanAustfs shares to GRAM will comprise the
issue of 456,791,804 shares at 39.5 cents ($A) per share, a 41% premium to the recent shareholder
entitlements offer price, and 126,725,548 top]up shares at 28 cents ($A) per share, the same price
as the shareholder entitlements offer price.