Tender your Iron Bridge shares by September 12, 2018 @ 5:00 p.m. EDT Need help tendering? Questions? Call Kingsdale Advisors at 1.866.879.7650 or contactus@kingsdaleadvisors.com

Message from Ken Woolner
President and Chief Executive Officer of Velvet Energy

Dear Iron Bridge shareholder:

I, on behalf of Velvet Energy Ltd. (“Velvet“), want to take this opportunity to personally invite you to consider our fully-valued all-cash offer (the “Offer“) that gives you an opportunity to realize a significant premium and immediate liquidity for your investment in Iron Bridge Resources Inc. (“Iron Bridge“).

Velvet is making the Offer directly to you – the owners of Iron Bridge – to acquire all of the issued and outstanding common shares of Iron Bridge. Under the terms of the Offer, Iron Bridge shareholders will receive $0.75 in cash for each common share of Iron Bridge held, representing an immediate 58% premium to the closing price of the Iron Bridge common shares on the TSX on May 11, 2018, the last trading day prior to the submission of Velvet’s offer letter to the Iron Bridge board of directors.

We believe that the choice before you is clear:

i. an opportunity to realize a significant 58% premium and immediate cash for your investment in Iron Bridge; or

ii. the status quo of shareholder value destruction evidenced by the 40% decline in the stock price of your company in the 12 months prior to our Offer.

Your company is at an inflection point given its exhausted cash resources and poor past capital allocation decisions – you can accept our 58% premium all-cash Offer or you can take the risk of attempting to raise dilutive capital in the face of uncertain and volatile markets.

THE TIME TO ACT IS NOW: TENDER YOUR SHARES TODAY

Consider the benefits, and take the simple steps needed to tender your Iron Bridge common shares to the Offer now. The Offer expires at 5:00 p.m. (Toronto time) on September 12, 2018. If you have any questions or require assistance, please contact Kingsdale Advisors, our Depositary and Information Agent, by telephone toll-free at 1-866-879-7650 with North America and at 1-416-867-2272 outside of North America or by e-mail at contactus@kingsdaleadvisors.com. We hope you will accept our significant premium all-cash offer.

Please refer to the Offer made by Velvet Energy Inc. and the accompanying Take-Over Bid Circular, each dated May 29, 2018, for further information.

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