Red Sky Energy Limited announced that it has entered into a binding, conditional heads of agreement with RM Corporate Finance Pty Ltd. whereby RM Corporate has agreed to act as lead manager and/or underwriter for a $1,000,000 Convertible Note placement and a $500,000 non-renounceable rights issue. Mr. Kerry Smith and Mr. William Reinhart will resign as directors and Mr. Guy Le Page and Mr. Adrien Wing (existing Company Secretary) will be appointed to the Board. All contracts with directors have been terminated, with Mr. Clinton Carey moving to the position of Non-Executive Director.