15/10/2007

Announcement Details

ASX URL: http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=wec#headlines

Summary

Monday 15th October 2007

WHITE ENERGY RAISES A$45 MILLION IN UNSECURED CONVERTIBLE NOTE ISSUE: A$3.44 PER ORDINARY SHARE

White Energy Company Limited (ASX: WEC) today announced the completion of a A$45 million unsecured Convertible Note issue. The Notes are convertible into ordinary shares at A$3.44 per share, which represents a 20% premium to the 30 day average closing price of White Energy’s shares prior to Friday’s issue date.

The Convertible Notes are unsecured with an annual yield of 7.90%, maturing in five years. Noteholders can elect to redeem some or all of their notes at the end of the third year.

The capital raised will be used to accelerate the roll out and commercialisation of White Energy’s patented Binderless Coal Briquetting process, with a particular focus on development opportunities in the United States.

An existing shareholder in White Energy, Deephaven Asia Limited, a subsidiary of Deephaven Capital Management LLC and part of the US based Knight Capital Group, led the consortia investing in the Convertible Note issue.

The Company’s Managing Director, Mr John Atkinson, said today, “The calibre of investors involved in this Convertible Note issue and their respective expertise in and knowledge of the energy sector, particularly clean energy, is a further endorsement of what White Energy is building and the importance of cleaner coal technologies generally.

This Convertible Note issue represents another foundation stone in the building of a strong capital base to provide White Energy with the funds necessary to take advantage of its market positioning and rapidly expanding growth opportunities.”

Hong Kong based Crosby Capital Partners acted as financial advisor to White Energy in the A$45 million Convertible Note issue.

About White Energy

White Energy is the exclusive worldwide license holder of the Binderless Coal Briquetting process that upgrades relatively poor quality coal to significantly increase its energy efficiency. White Energy is in the process of commercialising its technology and is currently constructing a major plant in Indonesia. In addition, the company is actively pursuing opportunities to deploy its technology across various markets including Indonesia, China, other Asian markets and the USA.

White Energy has a technology that represents a first step in building a cleaner coal solution. White Energy’s process is an important first step – an evolutionary process that speeds the maturation of lower grade coals. White Energy is committed to delivering cleaner coal technologies with a view to ultimately achieving zero emission targets. The process has been shown to be cost and operationally superior to competing technologies. The process was developed by CSIRO in conjunction with TraDet Inc, K.R. Komarek Inc and The Griffin Coal Mining Company Pty Ltd.

For Further Information Call:
In Australia –
John Atkinson
Managing Director
White Energy Company Limited
+ 61 2 9251 1311

In the United States –
Michael J. Porter
President
Porter, LeVay & Rose, Inc.
+1 (212) 564-4700
mike@plrinvest.com