Variscan Mines Limited ('Variscan' or the 'Company' or the 'Group') (ASX: VAR) is pleased to advise that it has issued 51,388,889 shares at $0.018 each under the first tranche of the placement announced on 9 March 2022.

The shares have been issued under the Company's existing placement capacity pursuant to Listing Rules 7.1 (40,009,803 shares) and 7.1A (11,379,086) respectively. Following the closing of the first tranche of the placement, the Company has a total of 318,120,913 ordinary shares in issue. A notice of General Meeting in connection with the second tranche of the placement is expected to be published shortly.

Contact:

Tel: +61 8 9316 9100

Email: info@variscan.com.au

Variscan Mines Limited (ASX:VAR) is a growth oriented, natural resources company focused on the acquisition, exploration and development of high quality strategic mineral projects. The Company has compiled a portfolio of high-impact base-metal interests in Spain, Chile and Australia. The Company's name is derived from the Variscan orogeny which was a geologic mountain building event caused by Late Paleozoic continental collision between Euramerica (Laurussia) and Gondwana to form the supercontinent of Pangea.

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