International Coal Limited agreed to buy Velpic. It is intended that Mr. John Lester and Mr. Harry Karelis will remain on the Board of the Company following Completion of the Acquisition and that Mr. Hugh Dai and Mr. Noel Halgreen will step down from the Board. Pursuant to the Acquisition Agreement, it is intended that Messrs Glen John Moora, Patrick Martin Joshua Connell and Russell John Francis will join the Board following Completion of the Acquisition.

It is also proposed that Ms. Leanne Graham join the Board following Completion of the Acquisition.