RAREX LIMITED — Major Shareholding Notification 2014

Nov 16, 2014

ASX Market Announcement

BAKER & MCKENZIE

Baker & McKenzie ABN 32 266 778 912

AMP Centre Level 27 50 Bridge Street Sydney NSW 2000 Australia

P.O. Box R126 Royal Exchange NSW 1223 Australia

Tel: +61 2 9225 0200 Fax: +61 2 9225 1595 DX: 218 SYDNEY www.bakermckenzie.com

Date:	$1/$ November $2014$
To:	ASX Market Announcements	Fax:	1300 135 638
	Clancy Exploration Limited	Fax:	$(02)$ 6361 1202
From:	Sam Appleton	Fax:	+61 2 9225 1595
		Tel:	+61 2 8922 5440

Pages (w/cover): 4

Re: Clancy Exploration Limited (ASX: CLY) - Notice of Initial Substantial Holder (Form 603) from Evo Fund

Dear Sir/Madam

We act for the Evo Fund (the Fund) as managed by Evo Investment Advisors Ltd.

Please see enclosed a Notice of Initial Substantial Holder (Form 603) in relation to the Fund's holding in Clancy Exploration Limited.

Regards

Sam Appleton Senior Associate +61 2 8922 5440 Sam.Appleton@bakermckenzie.com

Privacy and Confidentiality Notice

The information contained in this facsimile is intended for the named recipients only. It may contain privileged and confidential information, and if you are not an intended recipient, you must not copy, distribute or take any action in reliance on it. If you have received this facsimile in error, please notify us immediately by collect telephone call and return the original to the sender by mail. We will reimburse you for the postage.

Baker & McKenzie, an Australian Partnership, is a member of Baker & McKenzie International, a Swiss Verein. 2398378-v1\SYDDMS

Form 603

Corporations Act 2001 Section 671B Notice of initial substantial holder

To Company Name/Scheme	Clancy Exploration Limited (CLY)
ACN/ARSN	105 578 756
Details of substantial holder (1) 1.
Name	Evo Fund and Evo Investment Advisors Ltd.
ACN (if applicable)	N/A

The holder became a substantial holder on 05/11/2014

$2.$ Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities(4)	Number of securities	Persons' votes(5)	Voting power $(6)$
Ordinary Shares	13,480,887 ordinary shares	13,480,887	6.5360%

$3.$ Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
Evo Fund	BNP Paribas Prime Brokerage Inc holds the securities as primer broker on behalf of the Evo Fund.	13,480,887 ordinary shares
Evo Investment Advisors Ltd.	Investment manager with power to dispose of securities held by Evo Fund.	13,480,887 ordinary shares

$\ddot{\mathbf{4}}$ Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of	Person entitled to be	Class and number of
	securitics	registered as holder (8)	securities
Evo Fund and Evo Investment Advisors Ltd.	BNP Paribas Prime Brokerage Inc	Evo Fund	$13,480,887$ ordinary shares

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the 4 months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number of securities
		Cash	Non-cash
Evo Fund and Evo Investment Advisors Ltd.	05/11/2014	S148, 289.757	N/A	13,480,887 ordinary shares

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

------- Name and ACN/ARSN (if applicable) Nature of association
Not applicable.	Not applicable.

$7.$ Addresses

The addresses of persons named in this form are as follows:

Name	Address
Clancy Exploration Limited (CLY)	3 Corporation Place, Orange, NSW, 2800
Evo Fund	C/O Evo Investment Advisors 2425 Olympic Boulevard, Suite 120E, Santa Monica, CA, United States 90404
Evo Investment Advisors Ltd.	2425 Olympic Boulevard, Suite 120E, Santa Monica, CA, United States 90404

Signature

	print name: Michael Lerch	capacity;	Director
sign here $\mathcal{U}$		date:	14/11/2014

Directions

• $\mathbf{I}$ . If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.
• $2.$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• $\mathfrak{Z}$ . See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• $\overline{4}$ . The voting shares of a company constitute one class unless divided into separate classes.
• 1. The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. 6.
• 1. Include details of:
• any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) $(a)$ applies, a copy of any document setting out the terms of any relevant agreement, and statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• $(b)$ any qualification of the nower of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• 1. If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".
• Details of the consideration must include any and all benefit, money and other, that any person from whom a relevant 9. interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired