14 Dec 2010

Clayton Utz advises Extract Resources Ltd on A$60M+ placement

Perth, 14 December 2010: Clayton Utz has advised ASX, TSX and NSX listed uranium exploration and development company Extract Resources Ltd on a placement to its major shareholder, Kalahari Uranium Limited, to raise A$60.9 million.

Perth Corporate partner Mark Paganin led the transaction, with support from senior associate Nick Herbert.

The transaction is conditional upon Extract Resources Ltd and Kalahari Uranium Limited entering into a formal subscription agreement and, if ASX requires, Extract shareholder approval.

The placement is scheduled for completion on 7 January 2011 or later if shareholder approval is required.

Proceeds raised will be used to progress the company's Husab Uranium Project in Namibia.

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.