Gladstone Pacific Nickel Ltd. - Notification of interest in total voting
rights

TORONTO, Oct. 9 /CNW/ -

Notification of interest in total voting rights

A form TR-1 containing the following information has been received by Gladstone Pacific Nickel Limited ("the Company").

TR-1 notification of major interests in shares

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Gladstone Pacific Nickel Ltd

2. Reason for the notification

Clarification of voting rights held

3. Full name of person(s) subject to the notification obligation:

RAB Capital plc acting as discretionary manager of RAB Special Situations (Master) Fund Limited

4. Full name of shareholder(s) (if different from 3):

Credit Suisse Client Nominees (UK) Limited

5. Date of the transaction and date on which the threshold is crossed or reached:

N/A

6. Date on which issuer notified:

8 October 2009

7. Threshold(s) that is/are crossed or reached:

39%, 38%, 37%, 36%, 35%, 34%, 33%, 32%, 31%, 30%, 29%, 28%, 27%, 26%, 25%, 24%

    
    8. Notified details:

    A: Voting rights attached to shares
    -------------------------------------------------------------------------
    Class/type  Situation previous   Resulting situation after the triggering
    of shares   to the Triggering    transaction
                transaction
    if possible
    using the  --------------------------------------------------------------
    ISIN CODE  Number of  Number of  Number  Number of        % of voting
               Shares     Voting     of      voting rights    rights
                          Rights     shares
                                     ----------------------------------------
                                     Direct  Direct Indirect  Direct Indirect
    -------------------------------------------------------------------------
    ORDINARY   16,527,642 16,527,642  N/A     N/A  16,367,642   N/A    23.07%
    SHARES

    AU0000XINAC5

    -------------------------------------------------------------------------


    B: Financial Instruments
    -------------------------------------------------------------------------
    Resulting situation after the triggering transaction
    -------------------------------------------------------------------------
    Type of     Expiration  Exercise/Conversion  Number of voting     % of
    financial   date        Period/Date          rights that may be   voting
    instrument                                   acquired if the      rights
                                                 instrument is
                                                 exercised/
                                                 converted.
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------


    C: Financial Instruments with similar economic effect to Qualifying
    Financial Instruments
    -------------------------------------------------------------------------
    Resulting situation after the triggering transaction
    -------------------------------------------------------------------------
    Type of     Exercise  Expiration  Exercise/   Number of       % of voting
    financial   price     date        Conversion  voting rights   rights
    instrument                        period      instrument
                                                  refers to
    -------------------------------------------------------------------------

                                                                  -----------

    -------------------------------------------------------------------------

    -------------------------------------------------------------------------


    Total (A+B+C)
    -------------------------------------------------------------------------
    Number of voting rights           % of voting rights
    -------------------------------------------------------------------------
    16,367,642                        23.07%
    -------------------------------------------------------------------------
    

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:

RAB Capital plc acts as investment manager for RAB Special Situations (Master) Fund Limited. RAB Capital plc does not act as custodian for its clients and therefore the shares are held in the nominee name of the custodian of its clients, which is Credit Suisse Client Nominees (UK) Limited.

Proxy Voting:

10. Name of the Proxy holder:

N/A

11. Number of voting rights proxy holder will cease to hold:

N/A

12. Date on which proxy holder cease to hold voting rights:

N/A

13. Additional Information

N/A

14. Contact name: Legal Team

15. Contact telephone number: 0207 389 7000

SOURCE Gladstone Pacific Nickel Ltd.

For further information: For further information: Contact telephone number: 0207 389 7000

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Gladstone Pacific Nickel Ltd.

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