The directors of Boulder Steel Limited announced that they have placed 5,850,000 ordinary shares to Australian and European investors at a placement price of AUD 0.10 per share, raising AUD 585,000.00 before commission. In addition, the subscribers will receive one free attaching listed option for every two shares subscribed for, with an exercise price of 10 cents each and expiring on 31 March 2012.

This placement was made in accordance with ASX Listing Rule 7.1.

The funds raised will be utilized for the development of the Company’s projects and for head office operation.

The placement was facilitated and coordinated by Berlin Mining and Investments Pty Limited.