IER Raises A$20 Million

Date: 14 March 2011

Ignite Energy Resources Limited ('IER') is pleased to announce that it has completed a capital raising of A$20 million by way of a private placement to sophisticated investors.

Claymore Capital, as lead manager to the capital raising, has raised A$20 million in two tranches. The proceeds of the 1st tranche (~A$7 million) were used to repay debt, while the 2nd tranche (~A$13 million) will be used to fund the planned construction of the company's Commercial Demonstration Plant ('CDP'), progress with the development of Exploration Licence 4416 and fund other ongoing operations.