Variscan Mines : Receipt of CIR Payment

ASX Announcement – 29 May 2018

RECEIPT OF CIR PAYMENT

Partial reimbursement of R&D expenditure to further geological understanding of French projects

Non-dilutive cash inflow of approximately A$0.24m

Variscan Mines Limited (“Variscan” or the “Company”) (ASX:VAR) is pleased to confirm the payment of approximately $0.24 million to the Company‘s wholly owned subsidiary, Variscan Mines SAS in France, following the successfully application under Crédit d‘Impôt Recherche (“CIR”) for fiscal year 2016.

CIR is a tax measure that enables a partial funding of research, development and experimentation (R&D) for companies; it can be in the form of a reimbursement or a reduction of corporate tax.

Since commencing operations in France, the Company has received approximately A$1.35 million under the CIR scheme.

Stewart Dickson, CEO of Variscan said,

“We are pleased to receive this payment from the French fiscal regime. We have made a valid contribution to advancing the geological and scientific understanding of the projects in France. Following the successful closing of the recent $2.25 million underwritten entitlement offer, we are a strong financial position to execute the next stage in the Company‘s development”.

ENDS

For further information:

Variscan Mines Limited P: +61 9902 5220

E:

ASX Code: VAR

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Variscan Mines Limited published this content on 29 May 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 28 May 2018 23:37:06 UTC