ADV.L Regulatory News (ADV)

This announcement should not be forwarded or transmitted in or into the United States, Canada, Australia, South Africa, Japan or any other jurisdiction where it would be illegal to do so. The Ordinary Shares have not been, registered under the United States Securities Act 1933 (as amended) or under any of the relevant securities laws of any state of the United States or of Canada, Australia, South Africa or Japan. Accordingly, none of the Ordinary Shares may (unless an exemption under relevant securities laws is applicable) be offered, sold, resold or delivered, directly or indirectly, in or into the United States, Canada, Australia, South Africa or Japan or for the account or benefit of any such person located in the United States, Canada, Australia, South Africa or Japan.

CLEAN ENERGY BRAZIL PLC

(or "the Company")

Placing at 2p per share

Posting of Annual Report, Circular to Shareholders and Notice of Annual General Meeting

Further to the announcement made on 15 October 2013, Clean Energy Brazil plc confirms that its Annual Report for the year ended 30 April 2013 and a circular (the "Circular") including Notice of Annual General Meeting ("AGM") have been posted to shareholders and are available on the Company's website, www.cleanenergybrazil.com.

The Circular contains proposals (the "Proposals") for, inter alia:

· Placing of Ordinary Shares at 2p per share to raise gross proceeds of circa £217k

· Issue of Warrants

· Approval of new Investing Policy

· Change of Name

· Approval of new Articles

· Re-registration under the 2006 Act

· Change to par value of shares

Summary

· The Company has conditionally raised £216,795 before expenses by way

of a subscription by Placees for 10,839,750 new Ordinary Shares at a price of 2 pence per share and the issue of one New Warrant for every one new Ordinary Share held by the Placees;

· The Placing is conditional on Admission of the Placing Shares and on

approval of all of the Resolutions and will take effect the day after the Record Date;

· The proceeds of the Placing will be used to implement the Company's

new Investing Policy, further details of which are set out below and in the Circular;

· In connection with the Placing, it is proposed that the Company enter into

a warrant instrument pursuant to which the Company will issue one New Warrant to each Placee for every one New Ordinary Shares held by that Placee;

· Peterhouse Corporate Finance Limited ("Peterhouse") has been

appointed as Joint Broker to the Company in relation to the Placing and, subject to the passing of all of the Resolutions , Peterhouse will be appointed as Joint Broker to the Company alongside Nplus1 Singer which will take effect the day after the Record Date;

· Subject to Shareholders' approval by way of special resolution, it is

proposed that the name of the Company be changed to CEB Resources PLC;

· It is proposed that, immediately following completion of the Placing, and

subject to all the Resolutions being passed and taking effect after the record date Eitan Milgram, Yossi Raucher, and Tim Walker intend to resign from the Board of the Directors. Simultaneously, Cameron Pearce will be appointed to the Board of Directors as Non-Executive Chairman and Jeremy King will join the Board of Directors as Non-Executive Director.

· As required by the AIM Rules, the proposed Investing Policy of the

Company is set out below and in the Circular; and

The Board is intending to propose the Final Dividend of 1.403 pence to be paid on 20 December 2013 to Shareholders recorded on the register on 6 December 2013. The Ordinary Shares will be marked ex dividend on 4 December 2013. However, this is dependent on Shareholders approving at the AGM a change to the Company's legal form.

On 15 October 2013 the Company announced that the final installment of the purchase price had been received from Unialco M/S, being the Company's only remaining asset. Accordingly, the Board is intending to propose the Final Dividend of 1.403 pence to be paid on 20 December 2013 to Shareholders.

As a result of the successful implementation of the chosen strategy the Company has no remaining assets of any value which would justify the on-going corporate and administrative costs of a quoted Group under its present ownership and resources. Discussions have taken place with a number of parties interested in retaining the admission of Ordinary Shares to trading on AIM and utilising the Company for other business activities, with a view to affording all Shareholders a means of maintaining an investment in the on-going Group or to exit entirely, as they should decide.

The Board has concluded that the Proposals enable Shareholders either to retain an interest in the Company (subject to dilution by the Placing and pursuant to the Warrants) or to sell their shares (after the Record Date) on the basis described in the Circular. Shareholders who sell their shares after the Record Date will receive the Final Dividend.

Subject to all the resolutions being passed at the AGM, and taking effect the day after the Record date, the current Directors intend to resign from the Board and Cameron Pearce will join the Board as Non-Executive Chairman and Jeremy King will join the Board as Non-Executive Director. The Company will make an announcement to the market accordingly.

The Directors consider the Proposals to be in the best interests of the Company and the Shareholders. The Directors believe that the Company remaining on AIM and having a new Investment Policy enables Shareholders to retain the possibility of achieving further value from the Company in the future. As an alternative, the sale facility provided by Peterhouse Corporate Finance Limited enables Shareholders to sell their Existing Shares for £0.0006 per Ordinary Share if they so prefer. The Directors therefore recommend that you vote in favour of the Resolutions as they intend to do themselves in respect of their shareholdings totalling 25,751 ordinary shares representing approximately 0.019 per cent of the Company's existing share capital.

Weiss, through funds managed by it, is the beneficial owner of an aggregate of 86,932,570 Ordinary Shares in the Company representing 65.02 per cent. of the Existing Shares. QVT, through funds managed by it, is the beneficial owner of an aggregate of 36,517,764 Ordinary Shares in the Company representing 27.31 per cent. of the Existing Shares. Each of Weiss and QVT, respectively, has signed an irrevocable agreement to instruct the respective record owner(s) of their respective Ordinary Shares to vote in favour of the Resolutions to be proposed at the Annual General Meeting of the Company, notice of which is set out in the Circular, and to sell their entire beneficial interest under the sale facility provided by Peterhouse Corporate Finance Limited.

The full text of the Circular is given below.

Further information, please contact:

Peterhouse Corporate Finance Limited (Broker to the Placing)

Heena Karani / Lucy WIlliams Tel: +44 (0) 207 469 0930

Introduction

On 1 June 2012 and 10 December 2012, the Company announced the sale of its entire interest in Unialco M/S to Unialco S/A for $16.5 million, and on 15 October 2013 the Company announced that the final installment of the purchase price had been received. Unialco M/S was the Company's only remaining asset. Accordingly, the Board is intending to propose the Final Dividend of 1.403 pence to be paid on 20 December 2013 to Shareholders recorded on the register on 6 December 2013. The Ordinary Shares will be marked ex dividend on 4 December 2013. However, this is dependent on Shareholders approving at the AGM a change to the Company's legal form, described more fully below.

As a result of the successful implementation of the chosen strategy the Company has no remaining assets of any value which would justify the on-going corporate and administrative costs of a quoted Group under its present ownership and resources. Discussions have taken place with a number of parties interested in retaining the admission of Ordinary Shares to trading on AIM and utilising the Company for other business activities, with a view to affording all Shareholders a means of maintaining a modest investment in the on-going Group or to exit entirely, as they should decide.

Accordingly, the Board has resolved to put various resolutions to the Shareholders to implement the Proposals which, if duly passed, will achieve those ends. An Annual General Meeting is being convened at which Shareholders will be asked to vote on the Proposals. The Proposals comprise: re-registration of the Company as a company incorporated under the 2006 Act; the adoption of a new Investing Policy; an authority to the Directors to allot Ordinary Shares; a change of name; approval of the new Memorandum and Articles; an authority to disapply pre-emption rights; and other matters to be considered at the Annual General Meeting.

This Circular sets out the background to, reasons for and details of the Proposals and the Annual General Meeting. It also explains why your Board is recommending that you vote in favour of the Resolutions. Shareholders are encouraged to complete their Form of Proxy whether or not they intend to attend the meeting and return it as soon as possible, but in any event no later than 11:00 a.m. on 20 November 2013.

Shareholders should read the contents of this Circular in conjunction with the audited annual accounts of the Company for the financial year ended 30 April 2013, together with the reports of the Directors and Auditors thereon enclosed with this Circular.

Background to and Reasons for the Proposals

The Company was established on 19 September 2006 and its shares were admitted to trading on AIM in 18 December 2006. The Company's objective was to create value by investing in Brazil's sugar and ethanol industry. Since 2009 the Company's investment policy has been to maximize the value of its assets and return cash to shareholders.

The Board declared a dividend of £0.088 per share in December 2011 and, since that date, has effected returns of cash of £0.035 per share in December 2012 and £0.032 per share in September 2013. The Final Dividend is also to be paid on 20 December 2013 to Shareholders recorded on the register of members on 6 December 2013. The Ordinary Shares will be marked ex dividend on 4 December 2013.

As a result, the Company's strategy has been executed. The Company still has twelve direct and indirect subsidiaries, most of which are in some form of solvent liquidation, merger or transfer process. Prudent reserves have already been made to deal with all of those processes. In addition, the local boards of directors have made prudent reserves, accruals and provisions for all known actual and contingent liabilities. The scale of the total provisions for such contingent liabilities throughout the Subsidiaries amounts to less than £90,000.

The Board considered proposing a winding up of the Company through a members' voluntary liquidation. However, a number of parties were identified which had an interest in continuing the existence of the Company and its trading on AIM, albeit with a wholly new Investing Policy.

The Board has concluded that the Proposals enable Shareholders either to retain an interest in the Company (subject to dilution by the Placing and pursuant to the Warrants) or to sell their shares (after the Record Date) on the basis described below. Shareholders who sell their shares after the Record Date will receive the Final Dividend.

Accordingly, the Board has concluded that the Proposals offer greater flexibility for the Shareholders and are therefore in the best interests of the Shareholders and the Company.

Consequently, the Company is issuing this Circular to Shareholders setting out the background to and the reasons for the Proposals and, where appropriate, seeking Shareholders' approval. A Notice convening an Annual General Meeting for 11:00 a.m. on 22 November 2013 at IOMA House, Hope Street, Douglas Isle of Man IM1 1AP to consider the Resolutions, is accordingly set out at the end of this Circular.

Peterhouse has conditionally raised £216,795 before expenses by way of a subscription by Placees for 10,839,750 Ordinary Shares at a price of £0.02 per share. The Placing is conditional on admission of the Placing Shares to trading on AIM, and on approval of all of the Resolutions and will take effect the day after the Record Date.

The proceeds of the Placing will be used to implement the Company's new Investing Policy, further details of which are set out below.

It is proposed that, should the Proposals be approved, Yossi Raucher, Eitan Milgram, and Tim Walker will resign as Directors and simultaneously, the Proposed Directors will be appointed to the Board of Directors in their place, with effect on the day after the Record Date.

The Placing and Appointment of Peterhouse

Subject to the Resolutions being passed, Peterhouse will be appointed Joint Broker to the Company alongside Nplus1 Singer.

Peterhouse has conditionally raised £216,795 before expenses through the subscription of 10,839,750 Ordinary Shares at a price of £0.02 per share. The Placing is conditional on admission of the Placing Shares and on approval of all of the Resolutions and will take effect the day after the Record Date. This funding will be made available to the Company to provide it with general working capital and to enable the Company to take initial steps to implement its new Investing Policy.

Peterhouse will receive 1,250,000 Ordinary Shares at the Placing Price as part payment for the introduction of the incoming investors. The payment is conditional on the Resolutions being passed by Shareholders at the Annual General Meeting and will take effect the following day after the Record Date.

Nplus1 Singer will also receive 500,000 Ordinary Shares at the Placing Price in lieu of payment of £10,000 of the total amount payable under its Nominated Adviser and Broker agreement with the Company dated 6 May 2010. This arrangement is also conditional on the Proposals being approved by Shareholders at the Annual General Meeting and will take effect the following day after the Record Date.

Warrants

In connection with the Placing, it is proposed that the Company enter into a warrant instrument (the "Warrant Instrument") pursuant to which the Company will issue one Warrant to each Placee for every one Ordinary Shares held by that Shareholder. Entry into the Warrant Instrument is conditional on admission of the Placing Shares,and on approval of all of the Resolutions and will take effect the next day after the Record Date.

The Warrants held by a Placee may be exercised by that Shareholder at any time within 60 months of the completion of the Placing and shall entitle the Placee to be issued with one Ordinary Share for each Warrant exercised, subject to payment of an amount equal to the Placing Price for each Warrant exercised. The Warrants will not be admitted to trading on AIM.

Sale of Ordinary Shares to Peterhouse

Should any Shareholder wish to divest itself of its Ordinary Shares in the Company following the Record Date, it may do so by notifying Peterhouse within 31 days of this Circular. Peterhouse has agreed to arrange the execution of a sale of any Ordinary Shares held by any existing Shareholder wishing to sell the same to its clients for £0.0006 per Ordinary Share. This sale facility effectively values the whole of the Existing Shares, prior to the Placing, at approximately £80,200.

Weiss, through funds managed by it, is the beneficial owner of an aggregate of 86,932,570 Ordinary Shares in the Company representing 65.02 per cent. of the Existing Shares. QVT, through funds managed by it, is the beneficial owner of an aggregate of 36,517,764 Ordinary Shares in the Company representing 27.31 per cent. of the Existing Shares. Each of Weiss and QVT, respectively, has signed an irrevocable agreement to instruct the respective record owner(s) of such Ordinary Shares to sell its entire beneficial interest in the Company to Peterhouse Corporate Finance Limited and/or investors introduced by Peterhouse on the day after the Record Date at £0.0006 per share. Each of these irrevocable agreements is subject to the approval of the Resolutions and the Admission of the Placing Shares.

Alternatively, Shareholders are free to retain their Ordinary Shares or sell them in the market as they see fit.

Any Shareholder wishing to take advantage of the above sale facility should contact Peterhouse directly on 020 7469 0933 or 020 7469 0936.

Proposed conversion to a 2006 Act Company

The Directors have been considering the means by which the proceeds from the sales of investments might be distributed to Shareholders. Regardless of the actual means by which such return of funds will be implemented, the Directors have concluded that it would be in the best interests of the Company and the Shareholders to propose a special resolution at the Annual General Meeting approving the following additional matters:

(a) the re-registration of the Company as a company governed by the 2006 Act (it is currently incorporated under the Isle of Man Companies Acts 1931-2004) (the "Re-registration"); and

(b) the adoption of a new memorandum of association (the "New Memorandum") and new articles of association (the "New Articles") suitable for a company governed by the 2006 Act.

The 2006 Act updates and modernises Isle of Man company law and, amongst other things, abolishes a number of traditional company law formalities including the requirement to maintain capital (subject to solvency). Accordingly, subject to the Re-registration becoming effective, it should be simpler for the Company to return funds to its Shareholders. Part 1 of the Schedule to this letter contains a brief explanation of the key characteristics of companies incorporated under the 2006 Act.

As part of the Re-registration the Company proposes to adopt the New Memorandum and the New Articles, which the Company considers are appropriate for a company incorporated under the 2006 Act and the shares of which are admitted to AIM. The proposed New Articles are substantially in the same form as the Company's existing Articles; those changes considered significant which have been incorporated in to the New Articles are listed in Part 2 of the Schedule to this letter.

Copies of the New Memorandum and the New Articles are available for review from the Company's registered office at any time before the Annual General Meeting; in addition, copies of the New Memorandum and the New Articles will be available on the Company's website at www.cleanenergybrazil.com and at the Annual General Meeting.

On the basis that the Re-registration proceeds, the 2006 Act provides that the Company will be deemed to be the same legal entity as existed prior to the Re-registration and the Re-registration will not serve to prejudice or affect the continuity of the Company. On the date the Registrar of Companies in the Isle of Man issues a certificate of re-registration in respect of the Company, the Company will cease to be a company incorporated under and subject to the Companies Acts 1931-2004 (as amended); instead the Company will be subject to the 2006 Act.

Change in Par Value of Shares

Under the 2006 Act a share may be issued with or without a par value. Under the 2006 Act the directors may by resolution, subject to contrary provision in its memorandum or articles, alter the Company's share capital comprising shares with par value in any way and, in particular but without prejudice to the generality of the foregoing, may-

(a) consolidate and divide all or any of such shares into shares of a larger amount;

(b) redenominate all or any of such shares as shares with a par value denominated in another currency on such basis as the directors see fit; or

 (c) sub-divide such shares, or any of them, into shares of smaller amount.

It is proposed that following the Re-registration that the directors will pass a board resolution redenominating the par value of the Ordinary Shares in issue from £0.01 per share to no par value per share.

The change in par value of the shares is not considered to have any detrimental effect on the rights attaching to the Ordinary Shares held by the Shareholders.

Registered Agent

It is a requirement under the 2006 Act that the Company appoint a licensed registered agent in the Isle of Man to act as registered agent to the Company. The registered agent is required to submit the Re-Registration application to the Isle of Man Companies Registry on behalf of the Company. It is intended that IOMA Fund and Investment Management Limited will be appointed as the first registered agent of the Company.

Change of Name

Subject to Shareholders' approval by way of special resolution, it is proposed that the name of the Company be changed to CEB Resources Plc. Resolution 5 is proposed for the purposes of obtaining Shareholders' approval for the proposed name change.

If the special resolution to approve the change of name of the Company is passed at the Annual General Meeting, the Company's website address will be changed following the Annual General Meeting.

Proposed Board

Immediately following completion of the Placing, and subject to all the Resolutions being passed and taking effect the day after the Record Date, Eitan Milgram, Yossi Raucher, and Tim Walker intend to resign from the Board of the Directors and waive all claims (if any) they may have against the Company. Simultaneously, Cameron Pearce will be appointed to the Board of Directors as Non-Executive Chairman and Jeremy King will join the Board of Directors as Non-Executive Director.

The Company will make an announcement to the market accordingly.

Cameron Pearce, B.Com, CA (Non-executive Chairman- aged41)

Mr Pearce has extensive professional experience in both the Australian and United Kingdom finance industries. In recent times he has provided corporate, strategic, financial and advisory assistance to private and public companies in both Australia and the United Kingdom.

Mr Pearce is a member of the Australian Institute of Chartered Accountants and has been in commerce over fifteen years holding senior financial and management positions in both publically listed and private enterprises in Australia, Europe, Asia, Africa and Central America.

Mr Pearce has considerable corporate and international expertise and over the past decade has focussed on mining and exploration activities. Mr Pearce is currently a Non-Executive Director of ASX listed Magnolia Resources Limited.

Cameron Pearce is a current or past director of the following companies:

Present Past

Magnolia Resources Limited Pangaea Energy Limited

Concurrently with his appointment, Mr. Pearce will be interested in 30,246,748 Ordinary Shares in the Company representing 20.68 per cent. of the Enlarged Share Capital.

There are no other matters under paragraph (g) of Schedule 2 of the AIM rules to be disclosed.

Jeremy King, LLB (Non-executive Director- aged39)

Mr King is a director of Grange Consulting Group Pty Ltd where he specialises in corporate advisory, strategic advice and managing legal issues associated with Grange's clients.

Mr King is a corporate lawyer with over 15 years' experience in domestic and international legal, financial and corporate matters. In London Mr King has worked for Allen and Overy LLP and Debevoise & Plimpton LLP, and has extensive corporate experience, particularly in relation to cross-border private equity, leveraged buy-out acquisitions and acting for banks, financial institutions and corporate issuers in respect of various debt and equity capital raisings.

More recently, Mr King specialises in advising listed natural resource companies. Mr King is currently a Non-Executive Director of ASX listed Continuation Investments Limited, Orca Energy Limited and Smart Parking Limited.

Jeremy King is a current director of the following companies:

Present

Grange Consulting Pty Ltd

Continuation Investments Ltd

Orca Energy Limited

Smart Parking Limited

Bushwood Nominees Pty

MPJK Pty Ltd

Concurrently with his appointment, Mr. King will be interested in 5,371,089 Ordinary Shares in the Company representing 3.67 per cent. of the Enlarged Share Capital.

There are no other matters under paragraph (g) of Schedule 2 of the AIM rules to be disclosed.

In accordance with Article 83 of the Articles, the Board recommends that Cameron Pearce and Jeremy King are appointed to the Board of Directors of the Company.

Issue of Ordinary Shares

To enable the Proposals to be implemented (including to allow the Proposed Board to issue Ordinary Shares pursuant to, and following, the Placing, and pursuant to the exercise of the Warrants) the Board is seeking authorisation to allot Ordinary Shares on a non pre-emptive basis up to an aggregate par value of £5,000,000, representing the amount required to effect the Placing, issue Ordinary Shares to the Joint Brokers and the exercise of the Warrants, plus an additional £4,765,705 to raise further funds.

New Investing Policy

Resolution 3 to be proposed at the Annual General Meeting proposes the adoption of the new Investing Policy.

The Company's proposed new Investing Policy is to invest in and/or acquire companies and/or projects within the natural resources and/or energy sector with potential for growth. The Company will also consider opportunities in other sectors as they arise if the Proposed Board considers there is an opportunity to generate an attractive return for Shareholders. The geographical focus will primarily be Australia, however, investments may also be considered in other regions to the extent that the Proposed Board considers that valuable opportunities exist and returns can be achieved.

In selecting investment opportunities, the Proposed Board will focus on businesses, assets and/or projects that are available at attractive valuations and hold opportunities to unlock embedded value.

Where appropriate, the Proposed Board may seek to invest in businesses where it may influence the business at a board level, add their expertise to the management of the business, and utilise their significant industry relationships and access to finance. The ability to work alongside a strong management team to maximise returns through revenue growth will be something the Proposed Board will focus upon initially.

The Company's interests in a proposed investment and/or acquisition may range from a minority position to full ownership and may comprise one investment or multiple investments. The proposed investments may be in either quoted or unquoted companies; be made by direct acquisitions or farm-ins; and may be in companies, partnerships, earn-in joint ventures, debt or other loan structures, joint ventures or direct or indirect interests in assets or projects. The Proposed Board may focus on investments where intrinsic value can be achieved from the restructuring of investments or merger of complementary businesses.

The Proposed Board expects that investments will typically be held for the medium to long term, although short term disposal of assets cannot be ruled out if there is an opportunity to generate an attractive return for Shareholders. The Proposed Board will place no minimum or maximum limit on the length of time that any investment may be held. The Company may be both an active and a passive investor depending on the nature of the individual investment.

There is no limit on the number of projects into which the Company may invest, and the Company's financial resources may be invested in a number of propositions or in just one investment, which may be deemed to be a reverse takeover under the AIM Rules. The Directors intend to mitigate risk by appropriate due diligence and transaction analysis. Any transaction constituting a reverse takeover under the AIM Rules will also require Shareholder approval. The Proposed Board considers that as investments are made, and new promising investment opportunities arise, further funding of the Company may also be required.

Where the Company builds a portfolio of related assets it is possible that there may be cross holdings between such assets. The Company does not currently intend to fund any investments with debt or other borrowings but may do so if appropriate. Investments in early stage assets are expected to be mainly in the form of equity, with debt potentially being raised later to fund the development of such assets. Investments in later stage assets are more likely to include an element of debt to equity gearing. The Proposed Board may also offer new Ordinary Shares by way of consideration as well as cash, thereby helping to preserve the Company's cash for working capital and as a reserve against unforeseen contingencies including, for example, delays in collecting accounts receivable, unexpected changes in the economic environment and operational problems.

Investments may be made in all types of assets and there will be no investment restrictions on the type of investment that the Company might make or the type of opportunity that may be considered. The Company may consider possible opportunities anywhere in the world.

The Proposed Board will conduct initial due diligence appraisals of potential business or projects and, where they believe further investigation is warranted, intend to appoint appropriately qualified persons to assist. The Proposed Board believes it has a broad range of contacts through which they are aware of various opportunities which may prove suitable, although at this point only preliminary due diligence has been undertaken. The Proposed Board believes its expertise will enable it to determine quickly which opportunities could be viable and so progress quickly to formal due diligence. The Company will not have a separate investment manager. The Company proposes to carry out a comprehensive and thorough project review process in which all material aspects of a potential project or business will be subject to rigorous due diligence, as appropriate.

As an Investing Company, the Company will be required to make an acquisition or acquisitions which constitutes a reverse takeover under the AIM Rules or otherwise implement its proposed Investing Policy on or before the date falling twelve months from the adoption of the Investing Policy failing which, the Company's Ordinary Shares would then be suspended from trading on AIM. In the event that the Company's Ordinary Shares are so suspended and the Company fails to obtain Shareholders' consent to renew such policy, the admission to trading on AIM would be cancelled six months from the date of suspension.

Certificates

No new share certificates will be issued as a result of the Company's name change.

Annual General Meeting

The Notice convening the Annual General Meeting at which the Resolutions will be proposed is set out at the back of the Circular. A summary of the Resolutions is set out below. Please note that unless all of the Resolutions (other than the Resolution to approve the change of name of the Company) are passed, the Proposals outlined in this Circular will not proceed.

Resolutions numbered 1 - 2 - 'Ordinary Business'

Resolutions numbered 1 - 2 to be proposed at the Annual General Meeting are 'ordinary business' and will each be proposed as an ordinary resolution as follows:

1. the receipt and adoption of the audited annual accounts of the Company for the financial year ended 30 April 2013, together with the reports of the Directors and Auditors thereon;

2. the re-appointment of KPMG Audit LLC as auditors of the Company and the authorisation of the Directors to determine the auditors' remuneration.

Resolutions number 3 - 7 - 'Special Business'

Resolution number 3 - 4 will be proposed as ordinary resolutions as follows:

3. the proposed new Investing Policy.

4. to grant the directors of the Company authority pursuant to Article 5.2 to allot Ordinary Shares in the capital of the Company. To enable the Placing Shares to be issued pursuant to the Placing, the Company is seeking authorisation for the Directors to exercise the powers of the Company to allot Ordinary Shares up to an aggregate par value of £5,000,000. This includes the amount required to effect the Placing, issue of Ordinary Shares to the Joint Brokers and on the basis that the Warrants are exercised in full, a further £4,765,705 of the issued share capital of the Company. Such authority is to expire at the conclusion of the next annual general meeting of the Company or the date which is fifteen months after the date of the passing of the resolution, whichever is the earlier.

Resolutions number 5 - 7 will each be proposed as special resolutions as follows:

5. to change the name of the Company to CEB Resources Plc.

6. That:

(a) the Company be re-registered as a company incorporated under the Isle of Man Companies Act 2006 (the "2006 Act") and the directors be authorized to carry out all actions necessary to complete the Company's re-registration under the 2006 Act, including the appointment of the new registered agent;

(b) the Company adopts a New Memorandum complying with section 149(2) of the 2006 Act in the form initialed by the Chairman of the meeting;

(c) the Company adopts the New Articles in the form initialed by the Chairman of the meeting; and

(d) that following the Company's Re-registration under the 2006 Act, the directors be authorised to pass a board resolution redenominating the current par value of the Ordinary Shares of the Company from £0.01 per share to no par value shares.

7. to disapply the pre-emption provisions set out in Article 5.5 of the Company's Articles in respect of the allotment for cash of Ordinary Shares pursuant to the Placing, issue of Ordinary Shares to the Joint Brokers and the Warrant Instrument and up to an additional aggregate par value of £4,765,705, such disapplication to expire on the same date as the expiration of any authority given in terms of Resolution 5.

Action to be taken

Shareholders will find a Form of Proxy enclosed for use at the Annual General Meeting. Whether or not you intend to be present at the Annual General Meeting, you are requested to complete and return the Form of Proxy in accordance with the instructions printed thereon as soon as possible. To be valid, completed Forms of Proxy must be received by the Company Secretary, IOMA House, Hope Street, Douglas, Isle of Man IM1 1AP not later than 11:00 a.m. on 20 November 2013, being 48 hours before the time appointed for holding the Annual General Meeting. Completion of the Form of Proxy will not preclude you from attending and voting at the Annual General Meeting in person if you so wish.

Recommendation

The Directors consider the Proposals to be in the best interests of the Company and the Shareholders. The Directors believe that the Company remaining on AIM and having a new Investment Policy enables Shareholders to retain the possibility of achieving further value from the Company in the future. As an alternative, the sale facility provided by PCF enables Shareholders to sell their Existing Shares for a known amount if they so prefer. The Directors therefore recommend that you vote in favour of the Resolutions as they intend to do themselves in respect of their shareholdings totalling 25,751 ordinary shares representing approximately 0.019 per cent of the Company's existing share capital.

In addition, each of Weiss and QVT, who are combined the beneficial owners of an aggregate of 123,450,334 Ordinary Shares in the Company representing 92.33 per cent. of the Existing Shares, has signed an irrevocable agreement to instruct the record owner(s) of their respective Ordinary Shares to vote in favour of the Resolutions to be proposed at the Annual General Meeting of the Company, notice of which is set out in the Circular. Eitan Milgram is an Executive Vice President and Yossi Raucher is an Analyst at Weiss.

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

PLACING STATISTICS

DEFINITIONS

The following definitions apply throughout this Circular unless the context requires otherwise: