Notes to the Financial Statements 30 June 2008 - Abterra

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Corporate GovernanceCompliance With Existing Best Practices Guide of the Singapore ExchangeThe Board of Directors confirms that for the financial year ended 30 June 2008, the Company has complied withthe principal corporate governance recommendations set out in the Best Practices Guide issued by the SGX-ST.Use of Placement and Rights Issue ProceedsFor the financial year ended 30 June 2008, the Company has completed a placement as well as a rights issue.Placement proceedsOn 28 February 2008, the Company completed its private placement exercise of 165,000,000 Shares at an issueprice of S$0.115 each (“Placement”), which raised a net sum of approximately S$18.88 million after deductingfees and expenses incurred in connection with the placement.The Company had on 21 July 2008 announced that the total net proceeds of the Placement of approximatelyS$18.88 million have been fully used for the Company’s working capital purposes, more specifically described asfollows:1. Approximately S$2.55 million has been used as cash margin for opening letters of credit to be utilized fortrade purposes; and2. The remaining proceeds of approximately S$16.33 million have been used for trust receipts settlement.Rights IssueOn 19 October 2008, the Company completed the renounceable non-underwritten rights issue of up to 692,333,686new shares at an issue price of S$0.11 for each rights share, on the basis of one rights share for every four sharesheld by entitled shareholders, disregarding fractional entitlements (“Rights Issue”). Total proceeds from thisRights Issue amounted to S$76,156,705.On 23 January 2008, the Company announced that it had utilized S$31,000,000 from the Rights Issue proceedsas partial payment for the acquisition of a 22.8% interest in Zuoquan Xinrui Metallurgy Mine Co. Ltd, which has abusiness related to the current business of the Company.30ABTERRAAnnual Report 2008
Corporate GovernanceOn 18 April 2008, the Company held an Extraordinary General Meeting to seek the approval of the Company’sshareholders in relation to a proposed change in use of the remaining proceeds of the Rights Issue to thefollowing:1. To use the proceeds for the acquisition of a 22.8% interest in Zuoquan Xinrui Metallurgy Mine Co. Ltd, theacquisition of a 49% equity stake in Shanxi Taixing Jiaozhong Coal Industry Company Limited, a coking miningcompany, as well as other entities and businesses related to the Company’s current business of tradingminerals and commodity products.2. For the investment commitments and funding requirements of the proposed establishment of the jointcompany with Tianjin General Nice Coke and Chemical Co., Ltd, as required and in such proportion as theCompany’s Directors may deem fit.Subsequently on 18 April 2008, the Company announced that the ordinary resolution was duly passed in pursuantto the proposed change in use of proceeds of the Rights Issue.ABTERRAAnnual Report 200831
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ABTERRA LTD.Company Registration No
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Abterra Ltd.7 Temasek Boulevard, #1
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Notes to the Financial Statements 30 June 2008 - Abterra

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