$70 MILLION SHARE PLACEMENT COMPLETEDAvoca Resources Limited...

$70 MILLION SHARE PLACEMENT COMPLETED
Avoca Resources Limited (Avoca) is pleased to announce the completion of the Unconditional Placement
and Conditional Placement to raise A$70 million. The Unconditional Placement and Conditional Placement
form part of the A$125 million Capital Raising announced yesterday for the development of the Higginsville
Gold Project in Western Australia and to fund ongoing exploration.
Following the completion of a bookbuild process managed by UBS AG, Australia Branch, the issue price for
the Unconditional Placement and Conditional Placement has been set at $1.32 per share, representing a
discount of 4% to the VWAP for Avoca shares over the 10 trading days prior to the announcement of the
Capital Raising.
22.56 million ordinary shares will be issued under the Unconditional Placement and, subject to shareholder
approval at a General Meeting planned to be held on 11 May 2007, 30.54 million ordinary shares will be
issued under the Conditional Placement.
Avoca's A$40m convertible bond issue is also the subject of shareholder approval at the General Meeting.
The unlisted private transaction was issued with a coupon of 6% per annum and was priced with a
conversion price of A$1.75 which represents a 32.5% premium to the Placement price.