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AGM Resolution passed 28 November 2007:

RESOLUTION 7 – APPROVAL OF SHARE ISSUE

Background

As part of its capital raising initiatives, the Company intends to make a share placement of up to 200,000,000 Shares in the near future.

Listing Rule 7.1

Listing Rule 7.1 broadly provides, subject to certain exceptions, that a listed company is entitled to issue securities, without shareholder approval, where the securities proposed to be issued represent no more than 15% of a company's shares then on issue. Any securities that are issued with Shareholder approval are not included in this 15% allowance.

The Company therefore seeks to obtain prior approval pursuant to Listing Rule 7.1 to the proposed Share issue to enable the Company to retain its capacity to issue additional Shares, up to 15% of its issued capital, in the next 12 months without the need to obtain Shareholder approval.

The following information is provided to Shareholders for the purposes of Listing Rule 7.3:
(a) the maximum number of securities the Company will be issuing under Resolution 7 is 200,000,000 Shares;
(b) the Shares will be allotted and issued on a date no later than 3 months after the date of this General Meeting or such later date as approved by ASX;
(c) the Shares will be issued at a minimum issue price which is at least 80% of the average market price of Shares trading on ASX over the last 5 days on which sales were recorded before the day on which the issue was made (or if there is a prospectus relating to the issue, over the last 5 days on which sales in the Shares were recorded before the date of the prospectus);
(d) the allottees of the Shares are unknown as at the date of this Notice but will be chosen at the discretion of the
Directors and may be in conjunction with a member firm of the ASX. The allottees will not be related parties of the
Company;
(e) the Shares to be issued are fully paid ordinary shares which rank equally with all other existing fully paid ordinary shares on issue;
(f) the funds raised from the issue of the Shares will be applied towards funding the Company's opportunity acquisitions in South America, exploration and working capital; and
(g) allotment will occur progressively.


Baraka builds Colombian Portfolio with acquisition of 20% interest in Chicuaco Block, Colombia - 7th December 2007.



Regards

SP