CADOUX LIMITED — Share Issue/Capital Change 2009

Apr 20, 2009

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LICENCE AND RELEASE AGREEMENT SECURED FOR CORAMSINE[®] INTELLECTUAL PROPERTY

SUMMARY

• Freedom Eye has terminated its precursor technology licence agreement and licensed the Coramsine[®] intellectual property and technology to the founder of the precursor technology

• The terms of the Licence and Release Agreement are confidential between the parties however the Coramsine[®] licence is a royalty bearing world wide exclusive licence on commercial terms

Perth, Australia. <21 April 2009> : The Board of Freedom Eye (ASX: FYI) hereby announce that the Company has terminated its precursor technology licence agreement and out-licensed the Coramsine[®] intellectual property and technology platform to the founder of the technology.

From this point forward, Freedom Eye will have no further obligations under the precursor technology licence.

Freedom Eye has secured an out-licence for the Coramsine[®] technology platform and corresponding intellectual property portfolio with the owner of the founding technology. The exact details of the license are confidential between the parties, however the licence is a worldwide, exclusive licence on commercial terms which is royalty bearing in the event a product is commercialised utilising the licensed rights.

The execution of this Licence and Release Agreement removes any future obligations and contingent liabilities associated with the precursor technology licence agreement. As consideration for the Company’s release from the obligations contained within the precursor technology licence, Freedom Eye will pay the founder US$25,000 and issue ordinary shares to the value of US$25,000 based on the 60 day value weighted average price of the Company’s shares prior to the date of issue (see Appendix B attached hereto). This action is in keeping with the Board’s strategy to preserve its cash reserves and to continue to search for a compelling and financeable project.

• End -

Further Information:

Dr David Sparling Chief Operating Officer Tel: (08) 9355 0399 Mob: 0417 721 972 Email: david.sparling@solbec.com.au

Unit 9, 8 Sarich Way, BENTLEY 6102 Postal: PO Box 1102 EAST VICTORIA PARK WA 6981 Tel: +61 8 9355 0399 Fax: +61 8 9472 0475 Email: info@solbec.com.au Website: www.freedomeye.com

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 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity

FREEDOM EYE LIMITED

ABN

85 061 289 218

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 Ordinary shares be issued 2 Number of[+] securities issued or 4,124,965 to be issued (if known) or maximum number which may be issued 3 Principal terms of the[+] securities Fully paid (eg, 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)

• See chapter 19 for defined terms.

Appendix 3B Page 1

24/10/2005

Appendix 3B New issue announcement

• 4 Do the[+] securities rank equally in Yes all respects from the date of allotment 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 0.84188 cents per share 6 Purpose of the issue Shares are issued as part of the licence (If issued as consideration for the release fee pursuant to the terms of a acquisition of assets, clearly Licence and Release Agreement. identify those assets) 7 Dates of entering +securities 20 April 2009 into uncertificated holdings or despatch of certificates Number +Class 8 Number and +class of all 284,545,700 Ordinary shares +securities quoted on ASX (including the securities in clause 2 if applicable)

• See chapter 19 for defined terms.

Appendix 3B Page 2

24/10/2005

Appendix 3B New issue announcement

Number +Class 9 Number and +class of all 10,000,000 Options expiring 30 +securities not quoted on ASX June 2010 exercisable (including the securities in at $0.07 clause 2 if applicable) 1,550,000 Options expiring 1 August 2010 exercisable at $0.05 5,000,000 Options expiring 1 August 2010 exercisable at $0.05

10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

Part 2 - Bonus issue or pro rata issue

11 Is security holder approval required? 12 Is the issue renounceable or nonrenounceable? 13 Ratio in which the[+] securities will be offered 14 +Class of +securities to which the offer relates 15 +Record date to determine entitlements 16 Will holdings on different registers (or subregisters) be aggregated for calculating entitlements? 17 Policy for deciding entitlements in relation to fractions

• See chapter 19 for defined terms.

Appendix 3B Page 3

1/1/2003

Appendix 3B New issue announcement

18	Names of countries in which the
	entity has+security holders who
	will not be sent new issue
	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 prospectus or Product
	Disclosure Statement 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)
29	Date rights trading will end (if
	applicable)

• See chapter 19 for defined terms.

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Appendix 3B New issue announcement

30 How do[+] security holders sell their entitlements in full through a broker?

31 How do[+] security holders sell part 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 +Despatch date

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

(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

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

• See chapter 19 for defined terms.

Appendix 3B Page 5

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Appendix 3B New issue announcement

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 date of allotment 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)

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

• See chapter 19 for defined terms.

Appendix 3B Page 6

1/1/2003

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 not available now, 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.

• See chapter 19 for defined terms.

Appendix 3B Page 7

24/10/2005

Appendix 3B New issue announcement

Notice Under Section 708A

The shares issued are part of a class of securities quoted on the Australian Stock Exchange Limited. The Company gives this notice pursuant to Section 708A(5)(e) of the Corporations Act. The shares are issued without disclosure to investors under Part 6D.2, in reliance on Section 708A(5) of the Corporations Act. The Company, as at the date of this notice, has complied with:

the provisions of Chapter 2M of the Corporations Act; and Section 674 of the Corporations Act.

There is no excluded information for the purposes of Sections 708A(7) and (8) of the Corporations Act.

Sign here: Phillip MacLeod Date: 21 April 2009 Company Secretary

Print name: Phillip MacLeod

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• See chapter 19 for defined terms.

Appendix 3B Page 8

1/1/2003