Private Placement

Announcement Arakan Resources Limited Arakan Resources Limited (Arakan) announces it has signed an agreement to undertake a private placement with Global Resources Investments Limited (GRIL). Arakan is seeking to raise $4,000,000 usd through the sale of 20,000,000 shares at $0.20 cents per share. GRIL has been established to exploit investments worldwide in the junior mining amd natural resources sector, with an objective to generate medium to long term capital growth. GRIL will re-register as a public company and be constitured as an investment trust with the name Global Resources Investment Trust Plc (GRIT) and seek admission of its ordinary shares on the main market for listed securites on the London Stock Exchange. In consideration for acquiring shares in Arakan, GRIT will issue and deliver to Arakan 2,438,000 shares at £1.00 a share. Arakan will then sell the GRIT shares through the facilities of the London Stock Exchange to realize the private placement proceeds. In addition Arakan will enter into a convertible loan note with GRIT for $5,000,000 and will receive 3,047,500 shares in GRIT which will be sold in the same format to realize additional proceeds. Closing of the transaction is subject to a number of conditions precedent including approval of the GXG markets and GRIT successfully listing on the London Stock Exchange.