VANADIUM RESOURCES LIMITED — Capital/Financing Update 2019

May 20, 2019

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21 May 2019

Listing Rule 3.10.5A Disclosure

Tando Resources Limited (TNO or the Company) confirms that further to the ASX Announcement released on 13 May 2019, in relation to the Placement and the Appendix 3B released on 21 May 2019, the Company has issued 18,235,295 fully paid ordinary shares at $0.085 per share ( Placement Shares ).

The Company issued 18,235,295 Placement Shares under its placement capacity under Listing Rule 7.1A.

The Company provides the following information as required under ASX Listing Rule 3.10.5A in respect of the shares issued under the Company’s 10% Placement Capacity under Listing Rule 7.1A:

• a) The dilutive effect of the Placement under LR 7.1A on existing shareholders is as follows:

Number of shares on issue prior to the issue of the Placement Shares LR7.1A: 194,725,091

	Percentage
Dilution as a result of issue under LR 7.1	0%
Dilution as a result of issue under LR 7.1A of 18,235,295 shares	9.46%
Total Dilution	9.46%

• b) The 18,235,295 shares issued under Listing Rule 7.1A were issued to sophisticated and professional investors as it was considered to be the most efficient mechanism for raising funds at the time;

• c) There were no underwriting arrangements entered into; and

• d) Fees for the placement included a management fee of $50,000.00 (plus GST) and 6% (plus GST) of total funds raised.

For and on behalf of the Board

Mauro Piccini

Company Secretary

6559 1792