CYCLIQ GROUP LTD — Capital/Financing Update 2008

Jun 4, 2008

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5 June 2008

Dear Shareholder

Non-Renounceable Entitlement Offer Of Options

As foreshadowed in the Initial Public Offer Prospectus dated 24 September 2007, the Company has now lodged a prospectus for a non-renounceable entitlement offer of options to shareholders on the basis of one (1) option for every one (1) share held, at an issue price of one (1) cent per option (“the Offer”). The options will have an exercise price of twenty (20) cents each and will expire on 30 June 2010.

All shareholders registered as at 5.00pm (WST) on 24 June 2008 are entitled to participate in the Offer. The Prospectus and a personalised acceptance form will be dispatched to eligible shareholders (registered on the record date of 24 June 2008) on or around 30 June 2008.

The closing date for acceptances is anticipated to be 5.00pm (WST) on 14 July 2008 (unless the Offer is extended) and the Company will apply to ASX for official quotation of the options.

On the basis that no convertible notes currently on issue are converted prior to the ex entitlement date and assuming all shareholders accept their full entitlement the Company will raise approximately $643,340 from the Offer (before costs). These funds will be applied initially towards the costs of the Offer with the balance to be applied towards working capital.

Key dates are noted below:

Lodgement of Prospectus with ASIC and ASX 4 June 2008 Shares quoted on an “Ex” basis on ASX 18 June 2008 Record Date for determining Entitlements 24 June 2008 Opening Date and dispatch of Prospectus to Shareholders 30 June 2008 Closing Date of the Offer * 14 July 2008 Company to notify ASX of under subscriptions (if any) 16 July 2008 Issue of Options & dispatch of holding statements ** 22 July 2008

• Subject to the ASX Listing Rules, the Directors reserve the right to extend the closing date of the Offer at their discretion. Should it occur, the extension will have a consequential effect on the anticipated date of issue of the options and any shortfall.

• ** These dates are indicative only.

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

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A copy of the prospectus has been lodged with ASX and is available on ASX’s website, www.asx.com.au and a copy is also available on the Company’s website, www.modenaresources.com.

Please contact the undersigned should you have any queries.

Yours faithfully

Craig Willis Director