Novarise Renewable Resources Intl Limited (asx:noe) Announces Maiden Dividend

Novarise Renewable Resources International Ltd

Novarise Announces Maiden Dividend

The Board of Novarise Renewable Resources International Ltd (ASX: NOE) is pleased to announce the approval of a payment for an unfranked dividend of 1 cent per share to be paid to all shareholders.

The details of the 2010 annual dividend are as follows:

Dividend amount per share $0.01
Record date 26 November 2010*
Payment date (on or before) 13 December 2010
Type of dividend Annual Dividend

*The record date will end at 5 pm (ADT) on Friday 26 November 2010

Novarise also wishes to advise that for Australian Taxation purposes, the whole of the dividend will be treated as Conduit Foreign Income (CFI), which means that there will be no withholding tax in Australia for foreign shareholders.

Dividend Reinvestment Plan

In its Prospectus lodged on 4 February 2010, Novarise announced its intention to establish a Dividend Reinvestment Scheme. The Board has resolved to activate the Dividend Reinvestment Plan (DRP), which is intended to apply to all dividends. The Dividend Reinvestment Plan will operate in respect of this 2010 annual dividend and will commence operation effective from the date of this announcement. The DRP enables shareholders to increase their shareholding in Novarise by reinvesting all or part of their dividends in additional shares, at a price to be announced shortly (i.e discount to the average market price, free of brokerage, commission and other costs). A copy of the terms and conditions of the DRP is available from the Company's registered office or it can be viewed on the company's website at www.novarise.com.au.

In commenting on the declaration of the Company's first dividend payment, John O'Brien, Director, Novarise Renewable Resources International Limited said, "It was undertaken in the Prospectus, issued for the IPO that Novarise would pay a dividend if the Company met or exceeded its forecast NPAT for each of FY2009 and FY2010 respectively. The announcement of this dividend signals a successful outcome in this regard, with the Company having fulfilled this requirement and a further expectation that Novarise will continue to perform in line with its projections."

For further information, please visit www.novarise.com.au or contact Rod North, Bourse Communications (03) 9510 8309 or 0408 670 706.

NOVARISE RENEWABLE RESOURCES INTERNATIONAL LTD ACN 138 537 596
Australian Office: c/o Level 10, 25 Grenfell Street, Adelaide SA 5000
Chinese Office: No 2-16A Qingmeng Park, Quanzhou Economy & Technology Development Zone, Quanzhou, Fujian Province,
The People's Republic of China
www.novarise.com.au

SOURCE: Novarise Limited (ASX:NOE)