IONIC RARE EARTHS LIMITED — Capital/Financing Update 2009

May 18, 2009

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ASX RELEASE

18 May 2009

Ezenet completes the sale of its operational subsidiary Ezestream Pty Ltd .

Following the announcement of acceptance of a conditional proposal for the sale and shareholder approval on 8 May, 2009 Ezenet Ltd (ASX: EZE), announces that it has completed the sale of its operational subsidiary Ezestream Pty Ltd. The final purchase price was Three Million Four hundred and Seventy Six thousand dollars ($3,476,000.00) subject to further adjustable items to be determined over a 45 day period.

Simon Watson Company Secretary

About Ezenet

Listed on the ASX in 1999, Ezenet Ltd (EZE) was originally established to provide a "plug and play" internet set top box that enabled low cost web access. In 2001, the company shifted its focus to supplying digital free-to-guest and on-demand pay movies to the Australian hospitality and healthcare industries. In 2003, 100%-owned subsidiary Ezestream Pty Ltd was established to operate Ezenet’s digital movie and internet business. In addition, Ezenet owns 18.2 million shares in Weatherly International plc, a London based, AIM-listed mineral company with copper assets in Namibia.

EZENET LIMITED

2 Bulimba Road Nedlands Western Australia 6009 T: +618 9389 9345 F: +618 9389 9749 W: www.ezenet.com.au ACN 083 646 477 ABN 84 083 646 477