Ann: VRM Share Placement June 2018, page-4

I might be the exception but I am not overly concerned about the capital raise.

I wish we did not need to have one, but it is a necessary email.

At an issue price of 2 cents it has had a minimal impact on the share price.

It gives some surety moving forward towards development.

Options have been granted, but they will only be in the money if the share price reaches 2 1/2 cents by 01/07/2019 and 3 cents by 01/07/2020.

It shows some confidence by participants.