Ann: Carbon Energy June 09 Quarterly Report and A, page-2

re: Ann: Carbon Energy June 09 Quarterly Repo... I thought that the extract below was positive confirmation of disussions we have had on Hot copper re the placement of the remaining shares (and their issue price)...

- It looks like the placement of the remaining 24m+ shares is a done deal at 43c (it is just up to shareholders to endorse - which should be a done deal given that the market price is trading below this level)

- Perhaps this confirms some's view that the price has been kicked down a bit to ensure shareholders approve the placement





CORPORATE CAPITAL RAISING
• On 5 June 2009, the Company announced that it had successfully completed a share placement of approximately 74.4 million ordinary shares at $0.43 to raise $32 million. Strong interest from both domestic and overseas institutional and sophisticated investors has resulted in the issue being oversubscribed.
• The placement of the shares was conducted by Southern Cross Equities and undertaken in two tranches: 50 million shares have been placed in the 1st tranche, with the balance of approximately 24.4 million shares being placed subject to shareholder approval at General Meeting of shareholders to be held on 20 July 2009.
• The 1st tranche was completed on the 15 June 2009 raising $21.5 million gross with the issue of 50 million fully paid shares and the 2nd issue of shares being conditional on shareholder approval.
• Major shareholder, Incitec Pivot Limited participated for approximately 10% of the placement to be issued in the 2nd tranche and will maintain their shareholding in excess of 10% of Carbon Energy’s issued capital.