Echo Energy Regulatory News (ECHO)

27 May 2015

Independent Resources plc

("IRG", the "Company" or the "Group")

Result of General Meeting

The Board of IRG (AIM: IRG) is pleased to announce that all resolutions proposed were duly passed at its General Meeting held today.

Defined terms used in this announcement shall have the same meaning as those terms defined and used in the circular of the Company dated 11 May 2015.

The Placing remains conditional, amongst other things, upon Admission of the Second Placing Shares occurring no later than 8.00 a.m. on 11 June 2015 or such later time or date as the parties to the Placing Agreement may determine.

Application has been made to the London Stock Exchange for the 61,600,000 Second Placing Shares to be admitted to trading on AIM. It is expected that Admission will occur at 8.00 a.m. on 28 May 2015. The Second Placing Shares, when allotted and issued, credited as fully paid, will rank pari passu with the Existing Ordinary Shares.

Following Admission, the total number of Ordinary Shares in issue will be 185,143,330. The figure of 185,143,330 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest, in the Company under the Disclosure and Transparency Rules.

Under the terms of the Placing, warrants over new 30,800,000 new Ordinary Shares have been granted to placees, conditional on Admission, on the basis of 1 Placing Warrant for every 2 Second Placing Shares.

Each warrant entitles the holder to subscribe for one new Ordinary Share at an exercise price of 1.5 pence per Ordinary Share, representing a premium of 50 per cent. to the Placing Price and the warrants may be exercised at any time until 28 May 2017.

The Company has also agreed to grant warrants to Brandon Hill over 4,000,000 new Ordinary Shares (representing 5 per cent of those Placing Shares allotted to investors introduced by Brandon Hill).

Each Broker Warrant entitles Brandon Hill to subscribe for one new Ordinary Share at the price of 1.20 pence per Ordinary Share, representing a premium of 20 per cent, to the Placing Price. The warrants may be exercised at any time until 28 May 2018.

For more information, please visit www.ir-plc.com or contact: