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Company Announcement: Cancellation of Options and Share Rights

22nd January 2013

  

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Endocoal Limited  (0.08 MB)

Endocoal Limited has received executed cancellation agreements from all holders of outstanding options and share rights in Endocoal. Completion of these agreements satisfies the 50% threshold specified as a condition precedent (see clause 3.1(j)) in the Scheme Implementation Agreement (SIA) executed with U&D Mining Industry (Australia) Pty Ltd (U&D Mining) on 26 October 2012.

Transaction Update
Endocoal and U&D Mining continue to work collaboratively to ensure the remaining conditions outlined in the SIA are satisfied in a timely manner. As announced to ASX in December 2012, U&D Mining has commenced proceedings to satisfy and obtain all relevant Chinese approvals necessary to complete the transaction. Endocoal and U&D Mining remain confident that completion of the transaction is on track for expected completion in March 2013. Endocoal will provide further updates on progress of the transaction as necessary.

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