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Chatham Rock Phosphate Share Purchase Plan

Chatham Rock Phosphate Share Purchase Plan

Chatham Rock Phosphate has decided to offer a further share purchase plan offer to Shareholders. The company has achieved several key milestones in the year since its last share purchase plan offer and in order to maintain operational momentum further capital is required.

The SPP will offer existing shareholders the opportunity to subscribe for up to $15,000 of new shares at an issue price of $0.33 per share. The record date for the plan is 14 December 2012.

The issue price of $0.33 per share represents a 17.5% discount to the market price at the close of trading today and also represents the last price at which Chatham Rock Phosphate completed private placements.

“Eligible persons” (as defined in the Securities Act 1978) are also entitled to apply for any shortfall from the SPP at the issue price. The shortfall shares will be of a number equal to the maximum number of shares offered under the SPP less all the shares allotted under the SPP.

Capital raised will be applied:

To refine our mining system design so we can start detailed designs early in 2013.
To complete our environmental consent application to submit as soon as the Exclusive Economic Zone Regulations are completed.
To further work on and receive our mining licence and marine consent.
To undertake further feasibility studies on beneficiation of our rock phosphate
If required, to undertake further research work at sea
To undertake the required work programmes for the Namibian exploration licences applied for earlier this year.

The Company has generated a lot of momentum for its rock phosphate project and we believe we remain on track to achieve our ultimate goal of going into production on or before New Year 2015. The capital to be raised by this SPP will play a vital role in ensuring the project maintains momentum and reaches production stage in accordance with the current projected timeframes.

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