PALLINGHURST Announces Results Of Rights Issue

HAMILTON, Bermuda - 29 September, 2009 - Pallinghurst Resources Limited (Ticker: PALLRES.BH) announces the successful completion of oversubscribed Rights Issue - applications in excess of R1.1 Billion received.

Pallinghurst CEO Arne H. Frandsen said: "We are grateful for the overwhelming support and vote of confidence from our existing and new shareholders resulting in a successful and heavily oversubscribed rights offer. We have taken a prudent view to only raise the capital necessary to progress our four investment platforms, but it can only be healthy to have untapped demand."

Pallinghurst shareholders are referred to the announcements released on the Securities Exchange News Service of the JSE Limited ("JSE") on Tuesday, 11 August 2009 and Friday, 21 August 2009 relating to the renounceable rights offer of 228,571,376 Pallinghurst shares ("Rights Offer Shares") to Pallinghurst shareholders at a subscription price of R3.50 per Rights Offer Share ("Rights Offer").

Pallinghurst is hereby pleased to advise shareholders of the results of the Rights Offer pursuant to its close on Monday, 28 September 2009, as set out in the table below:

*  Includes the 108,243,230 Rights Offer Shares taken-up by existing Pallinghurst shareholders in the pre-placement concluded on Monday, 7 September 2009.

Under the terms of an underwriting agreement concluded with Oasis Asset Management Limited and Oasis Crescent Capital (Proprietary) Limited (collectively referred to as "Oasis"), Oasis will subscribe for and be issued 24,679,032 Rights Offer Shares by Wednesday, 30 September 2009. Oasis and Trinity Asset Management (Proprietary) Limited will not have their remaining underwriting commitments of, collectively, 76,139,953 Rights Offer Shares fulfilled and, further, those Pallinghurst shareholders who had subscribed for 20,855,240 Rights Offer Shares as excess applications shall not receive additional Rights Offer Shares.

The safe custody accounts of holders of dematerialised shares who have followed their rights, will be updated and their accounts credited by their Central Securities Depository Participant or broker today. Pallinghurst shareholders whose Pallinghurst shares are registered and listed on the Bermuda Stock Exchange or in certificated form on the JSE, who have taken up Rights Offer Shares and not elected otherwise, will have their Rights Offer Shares issued in certificated form today.

Pallinghurst shareholders will be refunded the monies in respect of their excess applications by Friday, 2 October 2009.

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