Ann: Victory Bore Vanadium Project Extension of Time, page-3

Controlled Placement Agreement

During the month of October 2018, the Company entered into a Controlled Placement Agreement(CPA) with Acuity Capital. The CPA provides SRN with up to $2 million of standby equity capital overthe coming 26-month period. Importantly, SRN retains full control of all aspects of the placementprocess: having sole discretion as to whether or not to utilise the CPA, the quantum of issued shares,the minimum issue price of shares and the timing of each placement tranche (if any). There are norequirements on SRN to utilise the CPA and SRN may terminate the CPA at any time, without cost or penalty.

Acuity Capital and the CPA do not place any restrictions at any time on SRN raising capitalthrough other methods. If SRN does decide to utilise the CPA, SRN is able to set a floor price (at itssole discretion) and the final issue price will be calculated as the greater of that floor price set bySRN and a 10% discount to a Volume Weighted Average Price (VWAP) over a period of SRN'schoosing (again at the sole discretion of SRN).As collateral for the CPA, SRN has agreed to place 20m shares from its LR7.1 capacity, at nilconsideration to Acuity Capital (Collateral Shares) but may, at any time, cancel the CPA and buy backthe Collateral Shares for no consideration (subject to shareholder approval).

So what sort of floor price can we set??

RC results anyone??? AGM anything said?