On September 15, 2009, Extract Resources Ltd completed an underwritten private placement of special warrants for gross proceeds of A$40.3 million.

The underwriters, BMO Nesbitt Burns Inc. and Haywood Securities Inc. have placed 5.2 million special warrants at a price of A$7.75 per special warrant.

Each special warrant will be automatically exercised for no additional consideration into one ordinary share on a one-for-one basis at 5:00 p.m. (Toronto time) on the earlier of the following dates: (i) the third business day after the date on which a receipt is issued by the securities regulatory authorities in each of the provinces in Canada other than Québec for a final prospectus qualifying the ordinary shares to be issued on exercise of the special warrants; and (ii) the date which is four months and a day after the closing date of the private placement, namely January 16, 2010.