Pike River Coal’s NZ$10 Million Placement

Pike River Coal’s NZ$10 Million Placement Strongly Supported

Pike River Coal Limited advises that applications for its $10 million placement have been closed fully subscribed.

Lead Managers international investment bank UBS and McDouall Stuart Securities have advised there was strong interest from a wide range and number of institutional investors in participating in the placement.

Settlement and issue of the new shares will occur on Friday 23 April 2010 subject only to usual underwriting/firm commitment conditions. The issue will complete the first part of the underwriting commitments of UBS, McDouall Stuart Group, and NZOG announced yesterday.

When completed, the placement will bring several new institutional investors onto Pike River Coal’s share register. Cornerstone shareholder, New Zealand Oil & Gas Limited (NZOG), and Indian customer and shareholder, Gujarat NRE Limited. NZOG and Gujarat NRE will also participate in the placement at their current shareholding level.

As advised to the market yesterday, the underwriting of the $40 million Rights Issue is conditional upon shareholder approval of the funding arrangements with NZOG which will be voted on at a shareholders’ meeting to be held in Wellington on 7 May 2010

Amendment to Rights Issue Timetable

Pike River Coal Limited advises that the Rights Issue timetable has been amended from that contained in its initial announcement of yesterday with regards to the $10 million placement of shares and an underwritten $40 million renounceable pro rata Rights Issue to shareholders and optionholders. The dates below reflect those contained in the Appendix 7 and Appendix 3B filed with NZX and ASX respectively.

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