Carbon Energy

Published : March 21st, 2016

Notice to Ineligible security holders

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Notice to Ineligible security holders

c9978a29-b8d1-4077-a995-c09cff48b7bf.pdf



ASX Announcement


22 March 2016


Not for release in the United States


Dear Shareholder

Level 9, 301 Coronation Drive, Milton QLD 4064 Australia PO Box 2118, Toowong DC QLD 4066 Australia

phone + 61 (0) 7 3156 7777

fax + 61 (0) 7 3156 7776

Carbon Energy (Operations) Pty Ltd

ABN 61 105 176 967


Carbon Energy Limited - Renounceable Rights Issue Notice to Ineligible security holders


On 11 March 2016, Carbon Energy Limited ACN 057 552 137 (Carbon Energy) announced a renounceable rights issue to Eligible Shareholders (defined below) to raise approximately $5.3 million (based on Carbon Energy's undiluted share capital) (Rights Issue). The Rights Issue is made on the basis of 3 new fully paid ordinary shares for every 11 fully paid ordinary shares held with an issue price of $0.013 (1.3 cents) per share (New Shares). The Rights Issue is partially underwritten (to

$1,800,000) by APP Securities Pty Ltd.


Funds raised under the Rights Issue will be used for:

  • pursuing International and Australian business development opportunities;

  • progressing the activities of the work plan for the Company's mineral development licence (MDL374), that include the continuation of the Company's ground water monitoring program under its Environmental Authority which form part of its comprehensive Rehabilitation Plan for the UCG trial site near Dalby, in South East Queensland;

  • meeting general working capital requirements; and

  • paying offer costs.


    Eligibility of shareholders to participate in the Rights Issue


    In accordance with the ASX Listing Rules, Carbon Energy has considered the number of shareholders with registered addresses outside of Australia, New Zealand, China and Hong Kong and the size of the shareholdings held by those shareholders. Taking this into consideration, as well as the costs of complying with the legal requirements and the requirements of the regulatory authorities relating to the shareholders with registered addresses outside of those countries (and feedback received from Carbon Energy's only shareholder in Belgium), Carbon Energy has formed the view that it is unreasonable to extend the Rights Issue to shareholders outside those countries. On that basis, an 'Eligible Shareholder' for the Rights Issue will be a holder of shares in Carbon Energy at 7.00pm on 17 March 2016 who:


  • has a registered address on the Carbon Energy share register in Australia, New Zealand, Hong Kong or China (and in respect of China, is a 'qualified domestic institutional


www.carbonenergy.com.au

investor') or is a shareholder that Carbon Energy has otherwise determined is eligible to participate; and

  • is eligible under all applicable securities laws to receive an offer under the Rights Issue without any requirement for a prospectus to be lodged or registered.


As you do not satisfy the criteria for eligibility set out above, Carbon Energy is unfortunately unable to extend the Rights Issue offer to you.


The purpose of this letter is to inform you that Carbon Energy has determined that you are not an 'Eligible Shareholders' and are therefore ineligible to apply for New Shares under the Rights Issue. New Shares equivalent to the number of New Shares you would have been entitled to if you were eligible may be allocated to Eligible Shareholders under the top up facility or otherwise in accordance with the underwriting agreement.


Carbon Energy has appointed Pershing Australia Nominees Pty Ltd ACN 137 911 730 as authorised representative of Pershing Securities Australia Pty Ltd ACN 136 184 962 to act as nominee for ineligible shareholders (Nominee) to arrange for the sale of the rights which would have been offered to them. The Nominee will arrange for the net proceeds (if any) from the sale of the entitlements to be sent proportionally to each ineligible shareholder.


Further information


Please contact the Shareholder Information line on 1300 761 372 (toll free within Australia) or +61 1300 761 372 (outside Australia) if you have any queries regarding the Rights Issue or your eligibility to participate in the Rights Issue.


Yours faithfully


Catherine Costello

Chief Financial Officer & Company Secretary Carbon Energy Limited


This letter does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States nor any other jurisdiction. The securities in the Rights Issue have not been, and will not be, registered under the US Securities Act of 1933 or any state securities laws and, accordingly, may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the Securities Act and applicable state securities laws.



2

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Carbon Energy

EXPLORATION STAGE
CODE : CNX.AX
ISIN : AU000000MEE2
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Carbon Energy is a gold and uranium exploration company based in .

Carbon Energy holds various exploration projects in Australia.

Its main exploration properties are NYANG, LAVERTON JV, ROE (KALGOORLIE REGION), MT CRAWFORD (LEJV) and MT CRAWFORD GOLD PROJECT in Australia.

Carbon Energy is listed in Australia and in Germany. Its market capitalisation is AU$ 134.2 millions as of today (US$ 90.3 millions, € 81.7 millions).

Its stock quote reached its lowest recent point on April 22, 2016 at AU$ 0.01, and its highest recent level on July 28, 2017 at AU$ 1.01.

Carbon Energy has 1 813 430 016 shares outstanding.

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Annual reports of Carbon Energy
Annual Report 2007
Nominations of Carbon Energy
8/23/2016Carbon Energy announces CEO appointment
6/18/2013announces CEO appointment
7/15/2008Board Appointment- Dr Shad Linley
7/2/2008BOARD APPOINTMENT – MR ANDREW DASH (COO)
6/30/2008Board Appointment - Mr Andrew Dash
Project news of Carbon Energy
8/30/2016Appendix 3B & Cleansing Notice for Issue of Interest Shares
7/23/2013Signs MOU for UCG Project in Argentina
Corporate news of Carbon Energy
7/26/2016Appointment of Interim Executive Chairman
7/24/2016CNX Technology validated by Queenslands Chief Scientist
7/7/2016Change of Director's Interest Notice
7/7/2016Replacement Appendix 3B
6/23/2016Option Expiry Notice - Waiver
6/22/2016Carbon Energy signs MOU for renewable energy project
6/8/2016CEO transition for Carbon Energy
5/6/2016Summa Action Dismissed from United States District Court
4/29/2016Quarterly Activities Report & Appendix 5B
4/28/2016CNX to play key role in Chinese UCG Research Centre
4/19/2016Response to Qld Government Anti-Innovation Decision
4/18/2016 Response to Qld Government announcement on UCG industry
4/18/2016Response to Qld Government announcement on UCG industry
4/15/2016Change in substantial holding - Pacific Road investor group
4/11/2016Carbon Energy raises $3.48 million under the rights issue
4/8/2016Request for Voluntary Suspension
4/6/2016Trading Halt
4/3/2016Rights Issue Closing
3/21/2016Renounceable Rights Issue - Despatch of Information Booklet
3/21/2016Notice to Ineligible security holders
3/21/2016Shareholder Information Session - Presentation
10/29/2015Notice of 2015 Annual General Meeting/Proxy form
10/16/2015Change in substantial holding
10/7/2015Cleansing Notice & Appendix 3B
10/1/2015Carbon Energy Confirms $2M Remitted by Cornerstone Investor
9/29/2015Company Secretary Appointment/Resignation
9/27/2015CNX Secures Funding & JV Partner for China Gas Business
8/28/2015Appendix 3B
8/25/2015First Rehabilitation Progress Report & Further Sampling
8/11/2015Carbon Energy Receives $2.5m Tax Incentive Cash Rebate
7/31/20152015 Annual Report & Corporate Governance Statement
7/31/2015June 2015 Quarterly Activities Report & Appendix 5B
3/2/2015Cleansing Notice & Appendix 3B
2/17/2015CNX Half Yearly Report December 2014
1/30/2015Top U.S. Coal Producers Up; India Sells $3.6 Billion Stake I...
12/22/2014Carbon Energy Operations Update
12/9/2014Chairman Recognised for Contribution to Resources Sector
11/26/2014Change of Independent Status of Director
11/20/2014Results of 2014 Annual General Meeting
11/17/2014Response to ASX Price Query
10/23/2014Carbon Energy Webcast
10/21/2014Blue Gum Gas Project Positioned for Commercialisation
10/16/2014Independent Valuation of Carbon Energy's Gas Assets
3/18/2014Critical Samples Collected at Bloodwood Creek Site
3/12/2014CNX Receives Second Milestone Payment
2/17/2014Substantial Completion of Inner Mongolia Packages
4/11/2013Shareholder Update
10/31/2012letter November 2012
6/6/2012letter June 2012
8/17/2010Environmental Approval Obtained for UCG Project in Chile
12/17/2008Underground Coal Gasification Trial Update
7/15/2008Change of Name to Carbon Energy Limited
5/19/2008Completes Further A$22M Capital Raising to Fund Landmark UCG...
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