ASX Announcement

20 December 2013

PRIVATE SHARE PLACEMENT

Pluton Resources Limited (ASX: PLV) (Pluton or the Company) is pleased to announce that Pluton, General Nice Resources Hong Kong Limited (GNR HK) and General Nice Recursos Comercial Offshore De Macau Limitada (GNR Macau) have agreed to a private Share Placement to GNR HK or its nominee of two tranches of fully paid ordinary shares giving GNR HK 19.9% of total Pluton shares.
Tranche 1 will comprise of 46,230,713 ordinary shares and Tranche 2 will comprise of 30,343,316 ordinary shares. The issue price in respect of Tranche 1 and Tranche 2 is $0.0932 per share. The Shares are anticipated to be issued on 23 December 2013.
This Share Placement between the Company, GNR HK and GNR Macau replaces the previous Private Share Placement announced on 9 September 2013 which the parties have agreed to terminate.
The Share Placement will be made under the Company's placement capacity in accordance with Listing Rules 7.1 and 7.1A. The Company anticipates holding a general meeting towards the end of January 2014 to consider, amongst other things, ratification of the issue of Tranche 1 and Tranche 2.
The proceeds from Tranche 1 of the Share Placement will be used to immediately reduce part of the debt outstanding from the original USD$24 million loan provided by GNR Macau (GNR loan). Repayments will be made to:
1 Reduce a portion of Wise Energy Group's share of debt as part of the Cockatoo Island Mining Joint Venture (CIMJV). Thereby, Pluton's liability in respect of its debt to Wise under the CIMJV will be reduced by an equal amount; and
2 The remaining proceeds will be deducted from Pluton's share of the GNR Loan.
Tranche 2 will be used for expenditure on the Company's major project, Cockatoo Island.
In addition, subject to applicable laws and the ASX Listing Rules, GNR HK and GNR Macau have agreed at the next meeting of Pluton's shareholders, to vote in favour of all Pluton Board recommended resolutions which assist in any way in Pluton's maintenance or increase of its capacity to issue securities under ASX Listing Rules 7.1, 7.1A and 7.4.
For further information please contact:
Brett Clark Jeremy Bower
Managing Director Manager, External Affairs Pluton Resources Limited Pluton Resources Limited T: +61 8 6145 1800 T: +61 8 6145 1800
jeremy.bower@pluton.com.au

distributed by