Ann: Placement, page-2

PLACEMENT

The directors are pleased to advise that they have agreed to place up to a further 7,000,000 fully paid ordinary shares (an increase of 2.23% over the previously issued shares) and 7,000,000 TASO options from the shortfall of the recent right issue, raising up to $567,000.

This placement was at an issue price of $0.081 per share (350% higher price than was offered to all shareholders under the recent non-renounceable pro-rata rights issue), with one free attaching TASO option per share to investors in accordance with section 708 of the Corporations Act 2001 (“the Act”).

This placement brings the total raised from the rights issue and subsequent placement of the shortfall to $1,667,060. Tasman reserved the right, in the prospectus dated 26 May 2015 (Prospectus) for the nonrenounceable pro-rata rights offer (Offer) made to shareholders of Tasman Resources Ltd (Tasman) who were on the register as at 5:00pm WST on 2 June 2015, to place any ordinary fully paid shares (Shares) and accompanying options, each to acquire 1 Share at an exercise price of $0.05 per Share at any time up to and including 31 March 2018 (Options), for which Tasman did not receive valid acceptances (Shortfall Securities) within three months after the closing date of the Offer at a price which is not less than the price at which the Shares (and accompanying Options) were offered under the Offer.

A commission of 5% of the value of the funds raised is payable to financial services licencees in respect of a portion of this placement raised by financial services licencees.

The funds raised will be used to fund the Company’s ongoing working capital requirements, and in particular to support the cash flow requirements of Eden Energy Ltd, of which Tasman 46.16% of the issued share capital.


Unless there is some sort of mistake, Greg Solomon has placed these shares at a very high price which is very good for TAS and EDE shareholders. This is another huge vote of confidence in EdenCrete by GS! Not only is this placement and the issue price very good news, it also takes a CR by EDE off the table for an additional 2-3 months. IMHO it is therefore very obvious that GS is trying to avoid another CR by EDE at all costs which should be applauded.

Cheers DYOR and GLTA!