IONIC RARE EARTHS LIMITED — Capital/Financing Update 2015

May 28, 2015

29 May 2015

SHARE PURCHASE PLAN AND PLACEMENT

Oro Verde Limited (ASX: OVL) ( Oro Verde or the Company ) is pleased to offer eligible shareholders the opportunity to apply for new, fully paid ordinary shares ( New Shares ) in Oro Verde under a Share Purchase Plan (the Plan ) to raise $400,000. In addition, the company has completed a share placement at the same price as the SPP to raise $250,000.

Patersons Securities Limited is acting as Lead Manager to the placement and the Plan.

The Plan provides the opportunity for shareholders to subscribe for up to $15,000 worth of New Shares without incurring brokerage or other transaction costs.

The Shares under the Plan will be issued at 0.6 cents per Share, representing a 25% discount to the last traded closing price of the Company's Shares on the ASX on 25 May 2015 and a 16.3% discount to the volume weighted average price for the last 5 days on which sales in the shares were recorded prior to 29 May 2015.

Funds raised under the Plan will be used to advance the high grade Topacio Gold Project in Nicaragua as well as for general working capital.

The Directors have determined that offers under the Plan will be made to eligible shareholders, being those who are the registered holders of fully paid ordinary shares in the Company as at 5.00pm AEST on 28 May 2015 ( Record Date ), and whose address in the Company’s register is situated in Australia or New Zealand.

Managing Director of Oro Verde, Mr Trevor Woolfe said:

“Our recent sampling has revealed some exciting high grade gold results from the Topacio project; both from areas of identified resources and also from new target areas. This funding will allow us to advance the project with resource expansion drilling and additional target definition.”

Timetable

Event	Date
Record Date	5.00pm (WST) on 28 May 2015
Announcement Date	29 May 2015
Dispatch of Offer and Application Forms to Eligible Shareholders	2 June 2015
Opening date for acceptances	2 June 2015
Closing date for acceptances (Closing Date)	5.00pm (WST) on 19 June 2015
Allotment Date	26 June 2015
Dispatch of holding statements	30 June 2015

Oro Verde Limited (ABN 84 083 646 477) Level 1, 30 Richardson Street, West Perth, WA 6005 PO Box 493, West Perth, WA 6872 Telephone: + 61 8 9481 2555

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The timetable above is indicative only and subject to change. The Company reserves the right to change the timetable at any time or cancel the Plan at any time before the Allotment Date, subject to applicable regulatory requirements.

Full details of the Plan will be set out in a letter to shareholders, the Plan Booklet and Application Form for Eligible Shareholders ( Plan Documents ). A copy of the Plan Documents will also be lodged with the ASX.

If you have any enquiries in relation to the Plan, please call the Company Secretary on +61 8 9481 2555.

This announcement ends the current trading halt.

-ENDS

For further information, please contact:

Trevor Woolfe Managing Director Oro Verde Limited Ph: +61 411 127 837

Brett Dickson Finance Director Oro Verde Limited Ph:+61 8 9481 2555

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