Ann: Proposed Takeover Offer, page-2

https://www.belldirect.com.au/file.type?src=lEih7mNYKULzWlCu9AmGbUMVl41A+Soi

PROPOSED TAKEOVER OFFER  Western Uranium Corporation has made a conditional takeover offer for 100% of Black Range’s shares  Pursuant to the proposed offer, Black Range shareholders will receive 1 Western share for every 750 Black Range shares  Offer represents a 106% premium to Black Range’s most recent closing price and a 89% premium to the respective companies’ 20 day VWAP’s for the period to 29 January 2015  Western owns multiple advanced-stage, near-term development uranium projects in the USA, including the Sunday Mine Complex in Colorado that is fully permitted for mining  Western’s near-term development assets are complementary to Black Range’s Hansen/Taylor Ranch Uranium Project and its proprietary Ablation technology  Recent testwork has successfully demonstrated that ore from the Sunday Mine is amenable to Ablation  Opportunity to generate near-term cash-flow by Ablating the ~100,000 ton surface ore stockpile at the Sunday Mine  Well positioned to rapidly build a significant USA-focused conventional uranium mining company  Offer to be implemented via Scheme of Arrangement  Western has agreed to provide a $0.75 million loan facility to ensure Black Range is suitably financed through to completion  Black Range’s Board unanimously recommends the Offer to shareholders in the absence of a superior proposal Black Range Minerals Limited (ASX:BLR) (“Black Range” or “the C