IONIC RARE EARTHS LIMITED — Capital/Financing Update 2009

Oct 15, 2009

EZENET LIMITED ABN 84 083 646 477

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Name of entity

EZENET LIMITED

ABN

84 083 646 477

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1 +Class of+securities issued or to be issued 2 Number of+securities issued or to be issued (if known) or maximum number which may be issued 3 Principal terms of the+securities (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion) 4 Do the+securities rank equally in all respects from the date of allotment with an existing+class of quoted +securities? If the additional securities do not rank equally, please state: • the date from which they do • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment	Fully Paid Ordinary Shares (EZE)
	12,500,001
	Fully Paid Ordinary
	Yes, Fully Paid Ordinary Shares (EZE)

EZENET LIMITED ABN 84 083 646 477

5 Issue price or consideration $0.025 each 6 Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets) Working capital 7 Dates of entering+securities into uncertificated holdings or despatch of certificates 15 October 2009 Number 8 Number and +class of all +securities quoted on ASX (_including_the securities in clause 2 if applicable) 96,489,368 Number 9 Number and +class of all +securities not quoted on ASX (_including_the securities in clause 2 if applicable) N/A 10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests) N/A Part 2 - Bonus issue or pro rata issue 11 Is security holder approval required? N/A 12 Is the issue renounceable or non- renounceable? N/A 13 Ratio in which the+securities will be offered N/A 14 +Class of+securities to which the offer relates N/A 15 +Record date to determine entitlements N/A 16 Will holdings on different registers (or subregisters) be aggregated for calculating entitlements? N/A	$0.025 each
	Working capital
	15 October 2009
	Number	+Class
	96,489,368	Fully paid ordinary shares (EZE)
	Number	+Class
	N/A
	N/A
	N/A
	N/A
	N/A
	N/A
	N/A
	N/A

ABN 84 083 646 477

EZENET LIMITED

17 Policy for deciding entitlements in relation to fractions 18 Names of countries in which the entity has+security holders who will not be sent new issue documents Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7. 19 Closing date for receipt of acceptances or renunciations 20 Names of any underwriters 21 Amount of any underwriting fee or commission 22 Names of any brokers to the issue 23 Fee or commission payable to the broker to the issue 24 Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of+security holders 25 If the issue is contingent on +security holders’ approval, the date of the meeting 26 Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled 27 If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders 28 Date rights trading will begin (if applicable) 29 Date rights trading will end (if applicable)	N/A
	N/A
	N/A
	N/A
	N/A
	N/A
	N/A
	N/A
	N/A
	N/A
	N/A
	N/A
	N/A

EZENET LIMITED ABN 84 083 646 477

• 30 How do[+] security holders sell their entitlements in full through a broker?

• 31 How do[+] security holders sell part of their entitlements through a broker and accept for the balance?

• 32 How do[+] security holders dispose of their entitlements (except by sale through a broker)?

• 33 +Despatch date

N/A

N/A N/A N/A

EZENET LIMITED ABN 84 083 646 477

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities ( tick one )

• (a)[Securities described in Part 1 ] (b)[All other securities ]

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

5		If the+securities are+equity securities, the names of the 20 largest holders of the additional+securities, and the number and percentage of additional+securities held by
		those holders
36		If the+securities are+equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories
		1 - 1,000
		1,001 - 5,000
		5,001 - 10,000
		10,001 - 100,000
		100,001 and over
37		A copy of any trust deed for the additional+securities

EZENET LIMITED ABN 84 083 646 477

Quotation agreement

• 1 +Quotation of our additional +securities is in ASX’s absolute discretion. ASX may quote the[+] securities on any conditions it decides.

• 2 We warrant the following to ASX.

• The issue of the[+] securities to be quoted complies with the law and is not for an illegal purpose.

• There is no reason why those[+] securities should not be granted[+] quotation.

• An offer of the[+] securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any[+] securities to be quoted and that no-one has any right to return any[+] securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the[+] securities be quoted.

• If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the[+] securities be quoted.

• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

• 4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before[+] quotation of the[+] securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here: ............................................................ Date: 15 October 2009 (Director/Company secretary)

Company Secretary

Print name: BRETT DICKSON

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16 October 2009

Company Announcements Australian Securities Exchange

Dear Sirs

Notice under Section 708A of the Corporations Act 2001

On 15 October 2009 Ezenet Limited (“ Company” ) issued 12,500,001 fully paid ordinary shares ( “Shares” ) as a placement to professional and sophisticated investors.

The Company gives notice under section 708A(5)(e) of the Corporations Act 2001 (Cth) ( “Act” ) that :

1. the Company issued the Shares without disclosure to investors under Part 6D.2 of the Act;

2. as at the date of this notice, the Company has complied with:

3. a. the provisions of Chapter 2M of the Act as they apply to the Company, and

4. b. section 674 of the act; and

5. as at the date of this notice, there is no information to be disclosed which is excluded information (as defined in section 708A(7) of the Act) that is reasonable for investors and their professional advisors to expect to find in a disclosure document.

Yours faithfully

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B D Dickson Joint Company Secretary For and on behalf of Ezenet Limited

Ezenet Limited ABN 84 083 646 477 Level 1, 30 Richardson Street, West Perth WA 6005 Telephone: +61 8 9481 2555 Facsimile: +61 9 485 1290