ECHOIQ LIMITED — Capital/Financing Update 2016

Mar 1, 2016

==> picture [129 x 142] intentionally omitted <==

==> picture [117 x 145] intentionally omitted <==

ASX ANNOUNCEMENT

March 2[nd]

ASX: PML

PARMELIA PLACES RIGHTS ISSUE SHORTFALL TO STRATEGIC ASIA-BASED TECHNOLOGY INVESTOR

Highlights

• Strategic Asia-based technology investor makes Initial investment through take up of 5m shortfall shares from the recent Rights Issue.

• Parmelia to focus on building a long term relationship as the company progresses toward completion of the acquisition of Veriluma.

___________________________________________________________________________________________________________________________

Parmelia Resources Ltd ( ASX: PML ) (“ Parmelia ”) is pleased to announce that it has placed the 5m shortfall shares from the Non-Renounceable Rights Issue ( Rights Issue ) announced on the 8 December 2015, to a strategic Asia-based technology investor. Parmelia and Veriluma welcome this new high profile strategic investor to the register and Parmelia looks forward to building a close relationship as the company progresses towards the completion of the acquisition of Veriluma. The shortfall shares will not be quoted and will be subject to holding locks pending a determination by the ASX in relation to escrow under Chapter 9 of the ASX Listing Rules (ASX release 9/12/15).

Commenting on the investment Parmelia’s Executive Chairman, Nigel Gellard said “I am delighted to welcome this investment in the company. We look forward to building a close, long term relationship with this new investor as Veriluma implements its growth strategy to broaden the application of its patented predictive engine across a wide range of industries.”

About Veriluma

Founded in 2010, Veriluma is an innovative Australian software company based in Sydney. Originally developed in conjunction with the Australian Department of Defence, Veriluma's patented software is being rapidly commercialised across a range of industries and applications requiring more accurate and timely decision making including financial services, legal, insurance, resources and government. Veriluma's patented algorithms and application complements, and extends, existing big data, business intelligence and risk tools, by incorporating quantitative, subjective or even uncertain information, to deliver objective outcomes which lead to more efficient and effective decision-making.

For further information concerning this announcement, please contact :

Mr Nigel Gellard Executive Chairman Parmelia Resources Ltd Phone +61 (0)8 6141 3500 Fax +61 (0)8 6141 3599

or

Elizabeth Whitelock CEO, Veriluma Ltd Elizabeth.Whitlock@veriluma.com.au M: +61411 544711 www.veriluma.com.au

or

Mr Peter Taylor Investor Relations peter@nwrcommunications.com.au M: +61 (0)412 036 231