Linc Energy Limited (ASX:LNC) Successfully Raised Over A$65 Million With The Completion Of Share Purchase Plan

Brisbane, Sep 16, 2009 AEST (ABN Newswire) - Linc Energy Limited (ASX:LNC)(PINK:LNCGY) Share Purchase Plan (SPP) closed at 5.00pm (AEST) 4 September 2009. Applications amounting to approximately AU$7.708 million worth of fully paid ordinary shares were received from eligible shareholders who participated in the SPP.

Mr Peter Bond, the CEO of Linc Energy, noted that "I am happy with the result given that the Linc share price was at or below the SPP price for most of the application period. The outcome of over A$7.7 million in these circumstances is a fantastic indication of investor confidence in the Company. I'm also glad to have been able to fulfil a promise I made last year to provide our shareholders with an opportunity to participate in our next capital raising.

With the completion of the SPP, Linc has now successfully raised over AU$65 million and we are moving aggressively ahead on our business plan. The recent acquisition of the Wyoming coal lease areas was a small example of this, as is our expanded drilling programs currently underway in South Australia and the Galilee basin in Queensland".

"The Company initially proposed a limit of AU$20 million on the SPP, but will not be calling on the Underwriter to pick-up the shortfall. Simply stated, our reason for limiting this aspect of the capital raising program to A$7.7 million is that with these funds in the bank, together with the recent milestones achieved and positive developments on a number of fronts, the Board sees a bright future for the Company and no reason to further dilute the Company's stock at this point in time."

The issue price of the shares under the SPP is AU$1.40 which is equal to the institutional price (the price payable by institutional investors via the placement announced to the market on 3 August 2009).

Shares issuable under the SPP will be allotted on 18 September 2009 with holding statements to be distributed to relevant shareholders by 25 September 2009.

Contact

Information for Media: Mr Peter Bond Chief Executive Officer Tel: +61-7-3229-0800 Email: pab@lincenergy.com.au ASX Contact: Mr Craig Ricato Company Secretary Tel: +61-7-3229-0800 Email: craig.ricato@lincenergy.com.au Information for investors: Ms Janelle van de Velde Manager, Investor Relations & Corporate Communications Tel: +61-7-3229-0800 Email: janelle.vandevelde@lincenergy.com.au