The directors of Boulder Steel Limited announced that they have placed 4,540,000 ordinary shares to Australian and European Investors at a placement price of AUD 0.10 per share, raising AUD 454,000.

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 March 31st 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.

On March 10th 2011, it was announced that the company intended to issue up to 35m shares. Market conditions and the recent events in Japan have resulted in less shares being issued.

The Gladstone Steel Project will not be affected by the events in Japan.