Background

Clancy was incorporated on 17 July 2003 as a proprietary company limited by shares. On 6 March 2007 it changed type to become a public company limited by shares. Clancy is part of the Australasian arm of Geoinformatics and will hold the core Australian assets of the Geoinformatics group. Geoinformatics is a global exploration company listed on the Toronto Stock Exchange Venture Exchange. Geoinformatics will (through its subsidiary GXL Australia) retain a significant shareholding in Clancy following completion of the Offer.

Objectives

Clancy was formed with the objective of pursuing opportunities in exploration and mining gold and copper within Australia. The main purpose of the Offer is to finance the gold and copper exploration activities and to meet the corporate and administrative costs of Clancy, including the costs associated with the Offer. Clancy has 12 exploration licences and four exploration licence applications divided amongst 12 100% owned projects in NSW, exploration on nine of which will be funded out of the proceeds of the Offer. Exploration on the remaining three projects will be funded through three joint ventures with Gold Fields which will be managed by Clancy. Clancy also has a strategic alliance with Bass Metals relating to a portfolio of Tasmanian tenements which are to be funded and managed by Bass Metals.