Offering:

An underwritten private placement offering of 3,937,000 common shares (the “Common Shares”) in the capital of the Company (the “Offering”). Holders of Common Shares are entitled to dividends, if as and when declared by the board of directors of the Company, to one vote per Common Share at meetings of shareholders and, upon liquidation, to receive such assets of the Company as are distributable to holders of Common Shares.

Offering Price:

C$2.54 per Common Share.

Offering Amount:

C$9,999,980. There is no minimum amount.

Closing Date:

On or about February 9, 2023, subject to approval of the Toronto Stock Exchange (the “TSX”).

The offering closed on February 8, 2023.

Exchange:

The Common Shares are listed on the TSX under the trading symbol “VLE”.

Last Closing Price:

On January 30, 2023, the closing price of the Common Shares on the TSX was C$2.84.

Underwriter:

Research Capital Corporation (the “Underwriter”).