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 Ceasing to be a Substantial Holder (Form 605) from Global Opportunities Fund Ltd. SPC Segregated Portfolio Evo1

Dear Sir/Madam

We act for the Global Opportunities Fund Ltd. SPC Segregated Portfolio Evo1 (formerly known as the Global Opportunities Fund Ltd SPC, Segregated Portfolio M and the Evolution Master Fund Ltd. SPC, Segregated Portfolio M) (the Fund) as managed by Evolution Capital Management LLC.

Please see enclosed a Notice of Ceasing to be a Substantial Holder (Form 605) 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. 2398382-v1\SYDDMS

Form 605

Corporations Act 2001 Section 671B Notice of ceasing to be a substantial holder

To Company Name/Scheme	Clarcy Exploration Limited (CLY)
ACN/ARSN	105 578 756
1. Details of substantial holder (1)
Name	Global Opportunities Fund Ltd. SPC, Segregated Portfolio Evo1 (formerly Global Opportunities Fund Ltd. SPC, Segregated Portfolio M and prior to that known as the the Evolution Master Fund Ltd. SPC, Segregated Portfolio M) and Evolution Capital Management LLC
ACN/ARSN (if applicable)	Not Applicable
The holder ceased to be a substantial holder on The previous notice was given to the company on The previous notice was dated	05/11/2014 16/06/2011 16/06/2011

$\overline{2}$ . Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (4)	Consideration given in relation to change $(5)$	Class (6) and number of securities affected	Person's votes affected
05/11/2014	Global Opportunities Fund Ltd. SPC. Segregated Portfolio Evo1 and Evolution Capital Management LLC	Transfer of 13,480,887 to Evo Fund and Evo Investment Advisors Ltd	\$148, 289.757	13,480,887	13,480,887

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

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

$\ddot{\mathbf{4}}$ Addresses

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

Name	Address
Clancy Exploration Limited (CLY)	3 Corporation Place, Orange, NSW, 2800
Global Opportunities Fund Ltd. SPC, Segregated Portfolio Evol	C/O Evolution Capital Management LLC 2425 Olympic Boulevard, Suite 120E, Santa Monica, CA, United States 90404
Evolution Capital Management LLC	2425 Olympic Boulevard, Suite 120E, Santa Monica, CA, United States 90404

Signature

print name	Richard Chisholm	capacity:	Director
sign here		date	13/11/2014

2396488-vI\SYDDMS

Directions

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related L. 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 4 of the form.
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. 2.
• $3.$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• Include details of: $4.$
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If $(a)$ subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a 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
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting $(b)$ powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).
• 1. Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant 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.
• The voting shares of the company constitute one class unless divided into separate classes. 6.
• 1. Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice

2396488-y1\SYDDMS