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White Energy Company Limited

Monday, October 15th, 2007

White Energy Company Limited announce the completion of a A$45 million unsecured Convertible Note issue. The Notes are convertible into ordinary shares at A$3.44 per share, which represents a 20% premium to the 30 day average closing price of White Energy’s shares prior to Friday’s issue date.
The Convertible Notes are unsecured with an annual yield of 7.90%, maturing in five years. Noteholders can elect to redeem some or all of their notes at the end of the third year.
The capital raised will be used to accelerate the roll out and commercialisation of White Energy’s patented Binderless Coal Briquetting process, with a particular focus on development opportunities in the United States.
An existing shareholder in White Energy, Deephaven Asia Limited, a subsidiary of Deephaven Capital Management LLC and part of the US based Knight Capital Group, led the consortia investing in the Convertible Note issue.
The Company’s Managing Director, Mr John Atkinson, said today, “The calibre of investors involved in this Convertible Note issue and their respective expertise in and knowledge of the energy sector, particularly clean energy, is a further endorsement of what White Energy is building and the importance of cleaner coal technologies generally.
This Convertible Note issue represents another foundation stone in the building of a strong capital base to provide White Energy with the funds necessary to take advantage of its market positioning and rapidly expanding growth opportunities.”
Hong Kong based Crosby Capital Partners acted as financial advisor to White Energy in the A$45 million Convertible Note issue.

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