Exercise of CRPOA Options and Allotment of Ordinary Shares

23 May 2011

Chatham Rock Phosphate has approximately 14.1 million $0.10 options on issue which expire on 30 June 2011 and are quoted on the NZAX market under the code CRPOA.

As previously advised to the market, Chatham Rock Phosphate is encouraging the early exercise of these options to enable it to continue the work programme on Mineral Prospecting License 50270 prior to undertaking a proposed initial public offering in Canada.

Exercise forms have been received for a further 475,000 options for which ordinary shares have today been allotted. Full details are set out below.

This has taken the number of options exercised since 1 April to 2,404,000, raising $240,400 in aggregate.

On behalf of the Board,

Chris Castle Managing Director

Email: chris@widespread.co.nz
Phone: 021 55 81 85

Class of security: Ordinary Shares ISIN: NZWENE0003S0 Number issued: 475,000 Exercise price: $0.10 per share Payment in cash: Yes Fully paid: Yes Percentage of class: 1.34% Reason for the issue: Under the terms of issue of the options they may be exercised to receive ordinary shares on a 1:1 basis at any time prior to 30 June 2011 through the return of a completed exercise form and payment of the $0.10 exercise price. Authority for the issue: NZAX Listing Rule 7.3.11(b)(i) Date of issue: 23 May 2011 Total number of securities on issue following allotments: 35,930,660 ordinary shares 13,676,276 listed options

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