Ann: Placement and Rights Issue to raise up to approx $4.62M, page-11

The issue of shares is approximately 60% rights issue and 40% placement. Doing it this way gets cash into SRN quickly and also allows existing shareholders to participate at the same buy-in price as the placement. Doing it this way is pretty fair to existing shareholders and allows SRN to quickly get on with the vanadium development without losing momentum.

In my view this is about as fair as SRN could get. I will be taking up my 1 for 8 entitlement in full and I will do a similar top up on market to maintain my relative holding and therefore not suffer any dilution. I am very happy with the CR and very happy with the vanadium proposal to process in Saudi Arabia.

Cheers......D