VERITY RESOURCES LIMITED — Capital/Financing Update 2013

Sep 2, 2013

ABN 96 122 995 073

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ASX Code: BML

TO: COMPANY ANNOUNCEMENTS OFFICE ASX LIMITED DATE: 3 SEPTEMBER 2013

BOTSWANA METALS LIMITED TO RAISE $564,471 RENOUNCEABLE RIGHTS ISSUE & APPENDIX 3B

Botswana Metals Limited (“BML”) refers to its announcement titled “Update on Funding Options” released to the market on 23[rd] July 2013 and announces that the company will undertake a renounceable rights issue to raise approximately $564,471 (before costs).

The issue follows BML being advised by BCL Limited (“BCL”) that they are unable to invest directly into BML. However BCL are keen to move forward with the Joint Venture agreement subject to the conditions of that agreement – namely three Retention Licences being issued to BML by the Department of Mines (“DOM”) in Botswana.

In that respect, BML has asked the DOM for clarity in respect to concerns raised in their letter dated 5[th] August 2013. BML has requested that the DOM specify exactly what information BML must provide in order to meet the requirements for the grant of the Retention Licences.

The funds raised in this issue, will be used for working capital purposes and to address the Company’s immediate cash needs as it awaits the decision of the DOM on the Company’s major exploration assets under Retention Licence applications lodged by the Company in respect to the areas of three Prospecting Licences 110/94, 111/94 and 54/98. The term of these PL’s was recently extended to the 31[st] of December 2013.

Need for Funds

The company’s cash position is such that additional funds are required to pay administrative and operating costs until a decision is made by the DOM on the application for the grant of Retention Licences. The Company is relying on the granting of the Retention Licences in order to commence the Farm-in Joint Venture Agreement with BCL whereby the costs of the BML’s Botswana operations including geological and operational staff along with administration costs will be covered and paid by the joint venture.

Given the prevailing market environment and the last sale price of $0.005 per share as at the close of trading on 27[th] August 2013, the Board has determined that a discount to market is appropriate to attract shareholder interest and participation. The Board has given serious consideration to the dilution created by the issue and balanced that with the need to hold sufficient funds to cover working capital requirements for the next two quarters.

Botswana Metals Limited

REGISTERED OFFICE Suite 5, Level 1, 310 Whitehorse Road, Balwyn Vic Australia 3103 P: +61 3 9830 7676; F: +61 3 9836 3056 Email info@botswanametals.com.au www.botswanametals.com.au

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ABN 96 122 995 073

Based on a new cost structure implemented in July 2013, the Board believes the issue will raise sufficient funds to cover BML’s working capital needs for at least two quarters and possibly beyond.

The issue has been priced to encourage shareholders to take-up their rights and a future incentive is provided by the granting of one option for every one share subscribed for. The Board believes this will encourage shareholders to take up their rights, and the options have the potential, if exercised, to raise additional funds for BML.

BCL Limited Farm-in Joint Venture Agreement

Part of the funds proposed to be raised will be applied to cover costs associated with continuing to pursue BML’s application for three Retention Licences as described above.

The granting of the Retention Licences over the areas of these three Prospecting Licences is a condition precedent for the commencement of the Farm-in Joint Venture Agreement with BCL (as previously advised to the ASX). If these Retention Licences are granted, BCL, under the joint venture agreement, can spend an initial US$4 million on a drilling program to earn 40% of the projects over these areas.

BCL has the option to continue to fund the projects to the completion of a Bankable Feasibility Study (“BFS”) to earn a 70% interest.

At that point BCL will have the off-take rights at commercial prices, to any ore mined. It is planned to truck ore to the BCL smelter operations at Selebi Phikwe for processing. Selebi Phikwe is situated 55km to the southwest of our project.

BML will retain a 30% interest after the BFS is completed, at which time the management of the projects will be transferred to BCL.

Details of the Rights Issue are as follows

The Board of BML announces a renounceable Rights Issue (“Rights Issue”) to eligible shareholders on the following terms:

• Three (3) new ordinary fully paid shares (“New Shares”) for every two (2) shares held at the Record Date, at an issue price of $0.002 per new share.

• For every one New Share subscribed, one (1) option exercisable at $0.015 each at any time up to 5pm AEST on 31 December 2016 (“Expiry Date”) will be issued to the subscriber at nil cost.

• The Rights Issue is expected to raise approximately $564,471 before expenses.

• The New Shares will rank pari passu with the existing issued shares of the Company.

• The maximum number of New Shares offered under the Rights Issue Offer is 282,235,323

• The maximum number of New Options offered under the Rights Issue Offer is 282,235,323.

Botswana Metals Limited

REGISTERED OFFICE

Suite 5, Level 1, 310 Whitehorse Road, Balwyn Vic Australia 3103 P: +61 3 9830 7676; F: +61 3 9836 3056 Email info@botswanametals.com.au

www.botswanametals.com.au

ABN 96 122 995 073

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An Appendix 3B in relation to the Rights Issue is attached.

A Prospectus for the Rights Issue will be lodged with ASIC shortly and will be sent to shareholders.

Application seeking the quotation of New Shares and New Options will be lodged with ASX on completion of the issue.

The Rights Issue is being offered to shareholders with a registered address in Australia and New Zealand only. The Company will appoint a nominee who will seek to sell the entitlements of New Shares which would otherwise be issued to shareholders outside of Australia and New Zealand. The nominee will remit any proceeds of the sale of the entitlements or New Shares (less costs) to be distributed to the ineligible shareholders.

Eligible shareholders, in addition to their entitlements, will also have the opportunity to apply for additional shares with free attaching options from any potential shortfall under the Rights Issue. The Company will be entitled to place any shortfall within a period of three months following closure of the Rights Issue.

Timetable

	Timetable
	Event		Date
	Announcement of issue		3 September 2013
	Offer document lodged with ASX and ASIC		3 September 2013
	Letter to shareholders		4 September 2013
	Existing shares quoted on “ex” basis		5 September 2013
	Rights trading starts		5 September 2013
	Record date – the date for determining entitlements of eligible shareholders to participate in the offer		11 September 2013
	Prospectus and Entitlement & Acceptance Forms dispatched to Eligible Shareholders		17 September 2013
	Rights trading ends		24 September 2013
	Securities quoted on a deferred settlement basis		25 September 2013
	Final date and time for receipt of acceptances and payment in full (“Closing Date”)		1 October 2013 at 5:00 pm
	Rights issue shortfall notified to ASX		4 October 2013
	Issue date (deferred settlement quotation ends)		9 October 2013
	Normal trading resumes		10 October 2013

Botswana Metals Limited

REGISTERED OFFICE

Suite 5, Level 1, 310 Whitehorse Road, Balwyn Vic Australia 3103 P: +61 3 9830 7676; F: +61 3 9836 3056 Email info@botswanametals.com.au

www.botswanametals.com.au

ABN 96 122 995 073

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The timetable is subject to change and is indicative only. BML reserves the right to amend the timetable including, subject to the Corporations Act and the ASX Listing Rules, extending the Closing Date. BML may extend the Closing Date by giving notice to the ASX at least six business days prior to the Closing Date. The date that the New Shares are expected to commence trading on the ASX may vary with any change to the Closing Date.

Use of Proceeds from the Rights Issue

The background to the need to raise funds for working capital requirements is as follows:

• In accordance with the Mines and Minerals Act 1999 of Botswana, during September 2012 the Company lodged three Retention Licence applications for areas included within the former Prospecting Licences 110/94, 111/94 and 54/98;

• In the December 2012, March 2013 and June 2013 quarterly activities reports to the ASX the Company advised that it was still awaiting a decision from the DOM as to whether the Retention Licences would be granted;

• The Company has maintained the exploration team in Botswana with a view that the team will be necessary to implement the Farm-in Joint Venture Agreement with BCL, however the granting of the Retention Licences is a condition precedent of the Farm-in Joint Venture Agreement coming into effect;

• The delays in approving or otherwise of the Retention Licence applications has meant that the Company has had sole responsibility of maintaining the exploration team in Botswana, leading to a considerable drain on the Company’s financial resources by such delays;

• On the 6[th] of August 2013 BML received a letter from the DOM advising that:

• The three Retention Licence applications were inadequate as the feasibility study report was incomplete and not to the satisfaction of the DOM in accordance with Section 27(1) of the Mines and Minerals Act 1999, in particular the adequate delineation of mineral resources and reserves for a development of a reasonable mining project.

• BML has 90 days from 5[th] August 2013 to remedy the deficiency noted above and show cause as to why the Retention Licence applications should not be rejected.

• The validity of the three Prospecting Licences 110/94, 111/94 and 54/98 had been extended to 31[st] December 2013 in accordance with Section 79(a) of the Mines and Minerals Act.

• On the 26[th] August 2013, following ongoing discussions between BML and the DOM, BML wrote to the DOM requesting that the DOM and the Ministry of Mines supply specific details as to the alleged inadequacies and omissions in the Retention Licence applications and advise BML exactly what information must be provided to make those applications acceptable to the DOM and the Ministry.

Botswana Metals Limited

REGISTERED OFFICE Suite 5, Level 1, 310 Whitehorse Road, Balwyn Vic Australia 3103 P: +61 3 9830 7676; F: +61 3 9836 3056 Email info@botswanametals.com.au

www.botswanametals.com.au

ABN 96 122 995 073

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The funds will be used to:

• do all that is necessary to continue with the applications for Retention Licences over areas of BML’s previous Prospecting Licences 110/94, 111/94 and 54/98 containing the Maibele North Ni+Cu project and the Airstrip & Dibete Cu+Ag project;

• fund the costs of implementing the Farm-in Joint Venture Agreement with BCL Investments (Pty) Ltd (“BCL”) to enable BCL to conduct future exploration and evaluation of the Maibele North- Ni +Cu project and the Airstrip & Dibete -Cu+Ag project with the Retention Licence areas; and

• for working capital purposes generally. The Board is looking to raise sufficient funds to cover at least two quarters of its working capital requirements based on a new cost structure implemented In July of 2013.

Pat Volpe Chairman

Botswana Metals Limited

REGISTERED OFFICE

Suite 5, Level 1, 310 Whitehorse Road, Balwyn Vic Australia 3103 P: +61 3 9830 7676; F: +61 3 9836 3056 Email info@botswanametals.com.au

www.botswanametals.com.au

Appendix 3B New issue announcement

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 01/07/96 Origin: Appendix 5 Amended 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05, 01/08/12, 04/03/13

Name of entity

BOTSWANA METALS LIMITED

ABN

96 122 995 073

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1 +Class of+securities issued or to be issued 2 Number of+securities issued or to be issued (if known) or maximum number which may be issued 3 Principal terms of the +securities (e.g. if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)	1. ORDINARY SHARES 2. OPTIONS EXPIRING 31 DECEMBER 2016 (“ATTACHING OPTIONS”)
	1. 282,235,323 ORDINARY SHARES 2. 282,235,323 ATTACHING OPTIONS
	1. FULLY PAID ORDINARY SHARES 2. ATTACHING OPTIONS EXERCISABLE AT 1.5 CENTS ($0.015) EXPIRING 31 DECEMBER 2016

• See chapter 19 for defined terms.

Appendix 3B Page 1

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Appendix 3B New issue announcement

4 Do the+securities rank equally in all respects from the+issue date with an existing+class of quoted+securities? If the additional+securities do not rank equally, please state: • the date from which they do • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment 5 Issue price or consideration 6 Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets) 6a Is the entity an+eligible entity that has obtained security holder approval under rule 7.1A? If Yes, complete sections 6b – 6h in relation to the+securities the subject of this Appendix 3B, and comply with section 6i 6b The date the security holder resolution under rule 7.1A was passed 6c Number of+securities issued without security holder approval under rule 7.1	1. ORDINARY SHARES WILL RANK EQUALLY WITH ORDINARY SHARES ALREADY ON ISSUE. 2. ATTACHING OPTIONS – UPON EXERCISE THE SHARES WILL RANK EQUALLY WITH ORDINARY SHARES ALREADY ON ISSUE.
	1. SHARES – 0.2 CENTS ($0.002) 2. ATTACHING OPTIONS – NIL CONSIDERATION
	RIGHTS ISSUE – FUNDS RAISED BY THE ISSUE WILL BE USED PRIMARILY TO ADVANCE EXPLORATION ACTIVITIES IN BOTSWANA, FOR COMPANY ADMINISTRATION AND FOR WORKING CAPITAL.
	YES
	28 NOVEMBER 2012
	NIL

• See chapter 19 for defined terms.

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Appendix 3B New issue announcement

6d Number of+securities issued with security holder approval under rule 7.1A 6e Number of+securities issued with security holder approval under rule 7.3, or another specific security holder approval (specify date of meeting) 6f Number of+securities issued under an exception in rule 7.2 6g If+securities issued under rule 7.1A, was issue price at least 75% of 15 day VWAP as calculated under rule 7.1A.3? Include the +issue date and both values. Include the source of the VWAP calculation. 6h If+securities were issued under rule 7.1A for non-cash consideration, state date on which valuation of consideration was released to ASX Market Announcements 6i Calculate the entity’s remaining issue capacity under rule 7.1 and rule 7.1A – complete Annexure 1 and release to ASX Market Announcements 7 +Issue dates Note: The issue date may be prescribed by ASX (refer to the definition of issue date in rule 19.12). For example, the issue date for a pro rata entitlement issue must comply with the applicable timetable in Appendix 7A. Cross reference: item 33 of Appendix 3B.	NIL
	NIL
	1. 282,235,323 ORDINARY SHARES 2. 282,235,323 ATTACHING OPTIONS
	N/A
	N/A
	47,039,220
	9 OCTOBER 2013

• See chapter 19 for defined terms.

Appendix 3B Page 3

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Appendix 3B New issue announcement

Number +Class 8 Number and +class of all 470,392,205 ORDINARY SHARES +securities quoted on ASX (including the +securities in 282,235,323 ATTACHING OPTIONS section 2 if applicable) Number +Class 9 Number and +class of all N/A N/A +securities not quoted on ASX (including the +securities in section 2 if applicable) 10 Dividend policy (in the case of a THE COMPANY DOES NOT YET HAVE A trust, distribution policy) on the DIVIDEND POLICY. PAYMENT OF FUTURE increased capital (interests) DIVIDENDS WILL DEPEND UPON THE FUTURE PROFITABILITY AND FINANCIAL POSITION OF THE COMPANY.

Part 2 - Pro rata issue

11 Is security holder approval NO required? 12 Is the issue renounceable or nonRENOUNCEABLE renounceable? 13 Ratio in which the[+] securities THREE NEW SHARES FOR EVERY TWO SHARES will be offered HELD ON THE RECORD DATE PLUS ONE ATTACHING OPTION FOR EACH NEW SHARE SUBSCRIBED. 14 +Class of +securities to which the ORDINARY SHARES AND ATTACHING OPTIONS offer relates 15 +Record date to determine 11 SEPTEMBER 2013 entitlements 16 Will holdings on different YES registers (or subregisters) be aggregated for calculating entitlements?

• See chapter 19 for defined terms.

Appendix 3B Page 4

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Appendix 3B New issue announcement

17 Policy for deciding entitlements in relation to fractions 18 Names of countries in which the entity has security holders who will not be sent new offer documents Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7. 19 Closing date for receipt of acceptances or renunciations 20 Names of any underwriters 21 Amount of any underwriting fee or commission 22 Names of any brokers to the issue 23 Fee or commission payable to the broker to the issue 24 Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of security holders 25 If the issue is contingent on security holders’ approval, the date of the meeting 26 Date entitlement and acceptance form and offer documents will be sent to persons entitled 27 If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders 28 Date rights trading will begin (if applicable)	ENTITLEMENTS WILL BE ROUNDED DOWN TO THE NEAREST SHARE
	ALL COUNTRIES IN WHICH THE ENTITY HAS SECURITY HOLDERS EXCEPT AUSTRALIA AND NEW ZEALAND
	1 OCTOBER 2013
	N/A
	N/A
	FOXFIRE CAPITAL PTY LTD WILL MANAGE THE PLACEMENT OF THE SHORTFALL, IF ANY, ON A BEST ENDEAVOURS BASIS AT ARM’S LENGTH COMMERCIAL TERMS.
	5%
	N/A
	N/A
	17 SEPTEMBER 2013
	N/A
	5 SEPTEMBER 2013

• See chapter 19 for defined terms.

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Appendix 3B New issue announcement

29 Date rights trading will end (if applicable) 30 How do security holders sell their entitlementsin fullthrough a broker? 31 How do security holders sellpart of their entitlements through a broker and accept for the balance? 32 How do security holders dispose of their entitlements (except by sale through a broker)? 33 +Issue date	24 SEPTEMBER 2013
	REFER TO PROSPECTUS.
	REFER TO PROSPECTUS.
	REFER TO PROSPECTUS.
	9 OCTOBER 2013

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

34 Type of[+] securities (tick one) (a) +Securities described in Part 1 X

(b) All other[+] securities Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

35 If the[+] securities are[+] equity securities, the names of the 20 largest holders of the additional[+] securities, and the number and percentage of additional[+] securities held by those holders 36 If the[+] securities are[+] equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories 1 - 1,000

• See chapter 19 for defined terms.

Appendix 3B Page 6

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Appendix 3B New issue announcement

1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 and over 37 A copy of any trust deed for the additional[+] securities

Entities that have ticked box 34(b)

38 Number of[+] securities for which +quotation is sought 39 +Class of +securities for which quotation is sought

40 Do the[+] securities rank equally in all respects from the[+] issue date with an existing[+] class of quoted +securities?

• If the additional[+] securities do not rank equally, please state: • the date from which they do • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment

• • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

41 Reason for request for quotation now Example: In the case of restricted securities, end of restriction period (if issued upon conversion of another[+] security, clearly identify that other[+] security)

• See chapter 19 for defined terms.

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Appendix 3B New issue announcement

Number +Class 42 Number and +class of all +securities quoted on ASX (including the[+] securities in clause 38)

• See chapter 19 for defined terms.

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Appendix 3B New issue announcement

Quotation agreement

• 1 +Quotation of our additional +securities is in ASX’s absolute discretion. ASX may quote the[+] securities on any conditions it decides.

• 2 We warrant the following to ASX.

• The issue of the[+] securities to be quoted complies with the law and is not for an illegal purpose.

• There is no reason why those[+] securities should not be granted +quotation.

• An offer of the[+] securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any[+] securities to be quoted and that no-one has any right to return any[+] securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the[+] securities be quoted.

• If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the[+] securities be quoted.

• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

• 4 We give ASX the information and documents required by this form. If any information or document is not available now, we will give it to ASX before +quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here: .................................................... Date: ..3 SEPTEMBER 2013... (Chairman)

Print name: ..........PAT VOLPE...............................................

== == == == ==

• See chapter 19 for defined terms.

Appendix 3B Page 9

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Appendix 3B New issue announcement

Appendix 3B – Annexure 1

Calculation of placement capacity under rule 7.1 and rule 7.1A for eligible entities

Introduced 01/08/12 Amended 04/03/13

Part 1

Rule 7.1 – Issues exceeding 15% of capital

Step 1: Calculate “A”, the base figure from which the placement capacity is calculated

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----- Start of picture text -----

Insert number of fully paid [+] ordinary 188,135,318
securities on issue 12 months before the
+issue date or date of agreement to issue
Add the following:
• Number of fully paid [+] ordinary securities 17/06/2013 exercise of options 9,064
issued in that 12 month period under an 26/06/2013 exercise of options 12,500
exception in rule 7.2
• Number of fully paid [+] ordinary securities NIL
issued in that 12 month period with
shareholder approval
• Number of partly paid [+] ordinary NIL
securities that became fully paid in that
12 month period
Note:
• Include only ordinary securities here –
other classes of equity securities cannot
be added
• Include here (if applicable) the securities
the subject of the Appendix 3B to which
this form is annexed
• It may be useful to set out issues of
securities on different dates as separate
line items
Subtract the number of fully paid [+] ordinary NIL
securities cancelled during that 12 month
period
“A” 188,156,882
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• See chapter 19 for defined terms.

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Appendix 3B New issue announcement

Step 2: Calculate 15% of “A”

“B” 0.15 [Note: this value cannot be changed] Multiply “A” by 0.15 28,223,532

Step 3: Calculate “C”, the amount of placement capacity under rule 7.1 that has already been used

• Insert number of[+] equity securities issued or agreed to be issued in that 12 month period not counting those issued: • Under an exception in rule 7.2 NIL • Under rule 7.1A NIL • With security holder approval under rule NIL 7.1 or rule 7.4

• Note: • This applies to equity securities, unless specifically excluded – not just ordinary securities

• • Include here (if applicable) the securities the subject of the Appendix 3B to which this form is annexed

• • It may be useful to set out issues of securities on different dates as separate line items

• “C” NIL

Step 4: Subtract “C” from [“A” x “B”] to calculate remaining placement capacity under rule 7.1

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----- Start of picture text -----

“A” x 0.15 28,223,532
Note: number must be same as shown in
Step 2
Subtract “C” NIL
Note: number must be same as shown in
Step 3
Total [“A” x 0.15] – “C” 28,223,532
[Note: this is the remaining placement
capacity under rule 7.1]
----- End of picture text -----

• See chapter 19 for defined terms.

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Appendix 3B New issue announcement

Part 2

Rule 7.1A – Additional placement capacity for eligible entities Step 1: Calculate “A”, the base figure from which the placement capacity is calculated “A” 188,156,882 Note: number must be same as shown in Step 1 of Part 1 Step 2: Calculate 10% of “A” “D” 0.10 Note: this value cannot be changed Multiply “A” by 0.10 18,815,688 Step 3: Calculate “E”, the amount of placement capacity under rule 7.1A that has already been used

Insert number of[+] equity securities issued or agreed to be issued in that 12 month period under rule 7.1A

Notes:

• This applies to equity securities – not just ordinary securities

• Include here – if applicable – the securities the subject of the Appendix 3B to which this form is annexed

• Do not include equity securities issued under rule 7.1 (they must be dealt with in Part 1), or for which specific security holder approval has been obtained

• It may be useful to set out issues of securities on different dates as separate line items

• “E” NIL

• See chapter 19 for defined terms.

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Appendix 3B New issue announcement

Step 4: Subtract “E” from [“A” x “D”] to calculate remaining placement capacity under rule 7.1A

Step 4: Subtract “E” from [“A” x “D”] to calculate remaining placement capacity under rule 7.1A	Step 4: Subtract “E” from [“A” x “D”] to calculate remaining placement capacity under rule 7.1A
“A” x 0.10 Note: number must be same as shown in Step 2	18,815,688
Subtract“E” Note: number must be same as shown in Step 3	NIL
Total[“A” x 0.10] – “E”	18,815,688 Note: this is the remaining placement capacity under rule 7.1A

• See chapter 19 for defined terms.

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