Ann: Orpheus Energy Rights Issue, Priority Offer , page-3

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    COALWORKS Limited
    30 November 2010
    The Manager
    Company Announcements Office
    Australian Securities Exchange Limited
    Bridge Street
    Sydney
    Via: e-lodgement
    COALWORKS? SPIN-OFF APPROVED
    Coalworks Limited (ASX code: CWK) would like to advise that at today?s General Meeting of
    Orpheus Energy Limited, the shareholders of Orpheus approved the transaction for the acquisition of
    Coalworks? Hodgson Vale and Ashford projects and its wholly owned subsidiary, Orpheus Energy
    Group Pty Limited.
    This now allows Coalworks to focus on its core projects:
    Vickery South in the Gunnedah Basin of NSW
    Ferndale in the Hunter Valley of NSW
    Oaklands in the South-West of NSW
    In addition it is expected that the ASX listing of Orpheus Energy Limited will result in a bonus issue
    of Orpheus shares to Coalworks? shareholders as announced by our Chairman, Wayne Mitchell in
    his address at the 2010 AGM on 19th November.
    Orpheus shareholders have approved the issue of approximately 35 million Orpheus shares to
    Coalworks of which 50% is planned to be distributed as a bonus issue to Coalworks? shareholders.
    Subject to lodgement of prospectus, the ASX listing of Orpheus Energy Limited is expected in the first
    quarter of 2011.
    For further information, please contact:
    Mr Tony Teng
    Company Secretary
    Tel: +61 2 9922 1344
    Fax: +61 2 9922 4288
    Email: [email protected]
    www.coalworks.com.au
    COALWORKS Limited ABN 51 114 702 831 |
    Level 5, 44 Miller Street North Sydney NSW 2060 Australia
    ph: +61 2 9922 1344 fax: +61 2 9922 4288 email: [email protected] www.coalworks.com.au
 
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