Allotment of Placement Shares

    Allotment of Placement Shares
             



ASX and AIM Release
22 October 2008


Allotment of Placement Shares

Finders Resources Ltd ("Finders", AIM & ASX ticker FND) is pleased to
announce that it has now received all placement monies in respect  of
its share  placement previously  announced on  3 September  2008  and
approved by Finders shareholders on 16 October 2008.

Gross funds  raised under  the placement  totaled approximately  $5.3
million from  the issue  of 8,650,020  new shares.  These funds  will
primarily be applied to complete the demonstration plant at the Wetar
Copper Project and for general working capital.

The placement  consisted of  6,925,020 shares  issued at  A$0.60  per
share through RFC Corporate Finance  Ltd and 1,725,000 shares  issued
to parties in the UK at £0.28 per share through Finncap, Finders  AIM
broker.

Finders would  like  to  welcome the  specialist  resource  investor,
Resource Capital Funds  ("RCF"), who subscribed  for US$2 million  of
shares under the placement, as a new substantial shareholder, with an
interest of around 6% in Finders expanded issued share capital.

Allotment of the new shares is expected to be completed tomorrow  and
application made to  the Australian Securities  Exchange ("ASX")  and
AIM for these shares to be quoted.

The capital structure  of Finders  following the issue  of the  share
purchase plan shares is as follows:


+-------------------------------------------------------------------+
| Type of Security               | Exercise |  Expiry  | Number in  |
|                                |  Price   |   Date   |   Issue    |
|--------------------------------+----------+----------+------------|
| Fully Paid Ordinary Shares     |          |          |            |
| ("Shares")                     |          |          |            |
|--------------------------------+----------+----------+------------|
| Previous Shares on issue       |          |          | 75,193,482 |
|--------------------------------+----------+----------+------------|
| New Shares issued at A$0.60 /  |          |          |            |
| £0.28 cash each under share    |          |          |  8,650,020 |
| placement to raise A$5,346,428 |          |          |            |
|--------------------------------+----------+----------+------------|
| Total Shares now on issue      |          |          | 83,843,502 |
|--------------------------------+----------+----------+------------|
|                                |          |          |            |
|--------------------------------+----------+----------+------------|
| Unlisted Options               |          |          |            |
|--------------------------------+----------+----------+------------|
|                                |   A$0.50 | 20 March |  3,090,367 |
|                                |          |     2009 |            |
|--------------------------------+----------+----------+------------|
|                                |      24p | 22 March |  1,322,881 |
|                                |          |     2009 |            |
|--------------------------------+----------+----------+------------|
|                                | A$0.6875 |  13 June |    500,000 |
|                                |          |     2010 |            |
|--------------------------------+----------+----------+------------|
| Total Unlisted Options on      |          |          |  4,913,248 |
| issue                          |          |          |            |
|--------------------------------+----------+----------+------------|
|                                |          |          |            |
+-------------------------------------------------------------------+




As detailed in previous announcements, Russell Fountain, Chris Farmer
and Stephen de Belle, all Finders directors, also participated in the
placement.  Details of the changes  in their holdings along with  the
new holding of RCF are as follows:



+-------------------------------------------------------------------+
|              |  Number of shares  |            |        |         |
| Shareholder  |    acquired in     |   Total    |  % of  | Options |
|              |     Placement      | shares now | issued | held[1] |
|              |                    |    held    | shares |         |
|--------------+--------------------+------------+--------+---------|
|              |                    |            |        |         |
|--------------+--------------------+------------+--------+---------|
| Resource     |                    |  4,990,020 |        |         |
| Capital Fund |          4,990,020 |            |   6.0% |       - |
| IV LP        |                    |            |        |         |
|--------------+--------------------+------------+--------+---------|
| Russell      |            416,667 |  6,281,202 |   7.5% | 133,333 |
| Fountain     |                    |            |        |         |
|--------------+--------------------+------------+--------+---------|
| Chris Farmer |            166,667 |  5,556,202 |   6.6% |       - |
|--------------+--------------------+------------+--------+---------|
| Stephen de   |            416,666 |  2,254,664 |   2.7% | 134,000 |
| Belle        |                    |            |        |         |
|--------------+--------------------+------------+--------+---------|
|              |                    |            |        |         |
+-------------------------------------------------------------------+


[1] Each option is to acquire one ordinary fully paid share for an
exercise price of 50 Australian cents expiring 20 March 2009.

For further information please contact:

Finders Resources Ltd:
Russell Fountain, Executive Chairman: [phone]
Chris Farmer, Managing Director: [e-mail]

RFC Corporate Finance Ltd - AIM Nominated Adviser:
Stuart Laing: + 61 (0) 8 9480 2500

FinnCap - Finders' Broker for the AIM market:

Matthew Robinson, [phone]
Joe Lunn (Analyst), [phone]

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