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Galilee Energy Ltd: Proposed IPO – New Zealand Coal Assets

Thursday, October 21st, 2010

Galilee Energy Limited (ASX: GLL) announced on 29 June 2010 a strategic review of its New Zealand coal assets. In that announcement, GLL indicated that it was considering a potential IPO of its New Zealand coal assets into a separate ASX‐listed entity to finance the next stage of exploration and development of those assets.
The GLL Board has resolved to proceed with an IPO of its New Zealand coal assets, subject to finalising acceptable terms of the IPO and signing an underwriting agreement. At this stage GLL is working towards lodging a prospectus for the IPO in late October 2010. The Company is being advised by Paterson Securities Limited and Corrs Chambers Westgarth in relation to this matter.
The GLL Board notes that, assuming the IPO proceeds:
– it will be by way of a public offering of new shares in Eastern Resources Group Limited (ERG), the holding company of GLL’s New Zealand coal assets;
– GLL will retain a significant minority stake in ERG; and
– GLL shareholders with a registered address in Australia as at 7 pm (Sydney time) on 15 October 2010 will be provided with the opportunity to participate in a priority offer of ERG shares under the IPO. At this stage it is expected that approximately 50% of the shares to be offered under the IPO will be set aside for the priority offer.
Full details of the offer of ERG shares (including the risks associated with an investment in ERG) will be set out in a prospectus, if the IPO proceeds as currently planned. Anyone wishing to participate in the offer of ERG shares will need to complete an application form accompanying the prospectus.
While GLL expects the IPO to proceed, there is no guarantee that it will. Whether, in what form and at what time the IPO proceeds will depend, among other things, on market conditions, ASX requirements, other Australian and New Zealand regulatory requirements and investor appetite.

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