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IONIC RARE EARTHS LIMITED Capital/Financing Update 2014

May 20, 2014

65151_rns_2014-05-20_febb2744-51c3-47b8-b9ac-4b7071e65dbd.pdf

Capital/Financing Update

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ASX RELEASE

21 May 2014

NON-RENOUNCEABLE RIGHTS ISSUE

The Board of Oro Verde Limited (ASX: OVL) (“Oro Verde”) advises that the pro rata nonrenounceable entitlements issue offered under the Company’s Prospectus dated 23 April 2014 (“Issue”), and lodged with the ASX on that date, has closed. The Issue sought subscriptions for up to 194,011,012 new shares on the basis of one new share for every share held at the Record Date at $0.008 per new share. Shares applied for and the shortfall in subscriptions are as follows:

Maximum number of shares offered under the Prospectus	194,011,012
Entitlement Shares subscribed for, including Shares to be issued pursuant to the	69,679,080
Underwriting Agreements as set out in the Prospectus
Shortfall Shares applied for as set out in the Prospectus	3,216,645
Remaining Shortfall shares, which may be issued at the discretion of the Directors	121,115,287

The new Shares are expected to be allotted on 23 May 2014.

- ENDS -

For enquiries contact:

Dr Wolf Martinick Chairman / Managing Director +61 417 942 466

Brett Dickson Company Secretary +61 8 9481 2555