Allotment of Shares to Subsea Investments

20 June 2012

Chatham Rock Phosphate Limited (NZX: CRP) advises that it has today issued 2,411,219 ordinary shares to Subsea Investments II, LLC (Subsea) at an issue price of $0.20 per share.

This allotment arises from a partial conversion of the convertible loan advanced by Subsea as approved by shareholders in April this year. This partial conversion reduces the amount owed by CRP under the loan by approximately $500,000 to approximately $3.35 million. Subsea’s percentage shareholding in CRP increases to 19.99% as a result of this allotment.

As previously advised to shareholders, it is intended to seek shareholder approval under the Takeovers Code to permit full conversion of the loan and for Subsea to increase its shareholding percentage above 20%. Under the convertible loan agreement CRP has until mid-October 2012 to seek this approval from shareholders.

Chris Castle
Managing Director

Class of security: Ordinary Shares
Number issued: 2,411,219 ordinary shares
Issue price: $0.20 per ordinary share
Payment in cash: Yes
Fully paid: Yes
Percentage of class: 3.17%
Purpose of the issue: Partial conversion of the convertible loan advanced by Subsea
Authority for the issue: Board resolutions
Date of issue: 20 June 2012
Total number of securities on issue following allotments: 78,575,735 ordinary shares