CYCLIQ GROUP LTD — Capital/Financing Update 2008

Jul 16, 2008

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17 July 2008

Companies Announcement Office ASX Limited 20 Bridge Street Sydney NSW 2000

PRO-RATA NON-RENOUNCEABLE OPTIONS ISSUE

Modena Resources Limited advises that optionholder acceptances have been received for 37,523,162 options pursuant to the non-renounceable entitlement offer of a total of 66,491,056 options, leaving a shortfall of 28,967,894 options.

Pursuant to the entitlement issue Prospectus, the Directors of the Company reserve the right to issue at their discretion the shortfall to any party who is not a related entity of the Company provided:

• the issue price for each option issued shall not be less that $0.01; and

• the issue is made within 3 months of the close of the offer.

Yours faithfully

Craig Willis Director

Suite B 150 Hay Street Subiaco Western Australia 6008 Phone 08 9388 8439 Fax 08 9388 8450