Australia Acquisition Corp. and Harbinger Capital Partners Terminate Stock Purchase Agreement

  Australia Acquisition Corp. and Harbinger Capital Partners Terminate Stock
                              Purchase Agreement

PR Newswire

NEW YORK, Nov. 15, 2012

NEW YORK, Nov. 15, 2012 /PRNewswire/ --Australia Acquisition Corp. ("AAC")
(OTCQB: AACPF; AACOW; AACOU) and Harbinger Capital Partners LLC (including
certain affiliated funds, "HCP") announced today that they have mutually
agreed to terminate a previously announced Stock Purchase Agreement (as
amended, the "Agreement") after determining that certain of the conditions to
closing the proposed transaction will not be satisfied by the current
expiration date of November 15, 2012. In light of such developments, AAC and
HCP have determined that seeking a further extension of the expiration date
and proceeding with the proposed transaction are no longer in the best
interests of AAC and its shareholders, or HCP and its various funds'
investors.

AAC and HCP announced in July that they had entered into an agreement whereby
AAC would acquire certain assets held by funds managed by HCP in exchange for
newly issued common shares in AAC. The assets to be acquired by AAC included
a majority interest in Asian Coast Development (Canada) Ltd., an international
hotel and casino development company focused in Vietnam, and a minority
interest in Ferrous Resources Limited, an iron ore producer focused on the
expansion of an export iron ore business in the Iron Quadrangle in Minas
Gerais, Brazil.

While both AAC and HCP worked diligently and in good faith to consummate the
transaction, they have concluded that the time constraints and additional
funding requirements, as well as other considerations, make attempting to
proceed with the proposed transaction no longer, at this time, in the best
interests of AAC and its shareholders, or HCP and its various funds'
investors.

About Australia Acquisition Corp.

Australia Acquisition Corp. is a special purpose acquisition company formed
for the purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business combination.
Australia Acquisition Corp. is a Cayman Islands corporation formed in 2010
with Peter Ziegler as its Chairman and Chief Executive Officer, Charbel Nader
as its Executive Vice President, and Stephen Streeter as its Chief Financial
Officer and Executive Vice President.

About Harbinger Capital Partners

Harbinger Capital Partners was founded in 2001. Harbinger is led by its Chief
Investment Officer, Chief Executive Officer and Senior Managing Director,
Philip Falcone, who has more than 20 years of investment experience across an
array of market cycles.

Media Contacts

AAC:

Rob Fink / Todd Fromer
CSA Strategic Communications
212.896.1206 / 212.896.1215
rfink@kcsa.com / tfromer@kcsa.com

HCP:

RLM Finsbury
Steven Goldberg / David Millar
646-805-2000
harbinger@rlmfinsbury.com

SOURCE Australia Acquisition Corp.