IONIC RARE EARTHS LIMITED — Capital/Financing Update 2009

Feb 25, 2009

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ASX RELEASE

25 February 2009

Ezenet accepts a conditional proposal for the sale of its operational subsidiary Ezestream Pty Ltd .

Ezenet Ltd (ASX: EZE), announces that it has today accepted a conditional proposal for the sale of its operational subsidiary Ezestream Pty Ltd on the following terms:-

• (a) The purchaser is Movielink Pty Ltd;

• (b) the purchase price is Three Million One hundred thousand dollars ($3,100,000.00)

• (c) the purchase excludes a variety of assets and liabilities:

  • (i) Accumulated losses;

  • (ii) Debtors and creditors;

  • (iii) Deposits on licenses

• (d) A formal sale contract is to be entered into;

• (e) Completion follows approval by the shareholders of Ezenet.

The Company is presently obtaining the necessary independent report for shareholders and will provide further information as the transaction develops.

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