CYCLIQ GROUP LTD — Capital/Financing Update 2009

Mar 23, 2009

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----- Start of picture text ----- ACN 119 749 647----- End of picture text -----

24 March 2008

Dear Shareholder

NON-RENOUNCEABLE ENTITLEMENT ISSUE OF SHARES

On 20 March 2009 Modena Resources Limited ( Modena or the Company ) announced a pro-rata non-renounceable entitlement issue ( Entitlement Issue ) to shareholders.

The Entitlement Issue will be offered to shareholders on the basis of one (1) new share ( New Share ) for every one (1) share held at the record date, at an issue price of 7 cents per New Share, to raise up to approximately $5,964,493 before costs. Based on the Company’s current issued capital, the Entitlement Issue will result in up to 85,207,054 New Shares being issued, increasing the total issued share capital on completion of the Entitlement Issue, assuming it is fully subscribed, to 170,414,108 shares. Fractional entitlements to New Shares will be rounded down to the next whole number.

The New Shares will rank pari passu with the Company’s existing ordinary shares from the date of their issue.

The Company also announced 5.00pm WST on 31 March 2009 as the Record Date for the purpose of determining shareholders entitled to participate in the Entitlement Issue.

A notice under section 708AA (2)(f) of the Corporations Act (Notice) and an Offer Document will be lodged with the ASX on or about 1 April 2009 in respect of the Entitlement Issue and the Offer Document will be mailed to shareholders on 1 April 2009. The Offer Document will not constitute an offer in any place in which or to any person to whom it would be unlawful to make such an offer. Accordingly, it is the responsibility of non-resident applicants to obtain all necessary approvals for the allotment and issue to them of securities pursuant to the offer document.

The Company intends to apply the funds from the Entitlement Issue for the purpose of providing funds for ongoing participation of the company’s working interest in the Bullseye Prospect, retirement of debt and for additional working capital.

The total number and class of all securities quoted on ASX (including the maximum number of Shares to be issued in the Entitlement Issue on an undiluted basis – ie. assuming none of the Company’s options are exercised) is as follows:

Quoted
**Number **	Ordinary Shares	Options
On Issue	85,159,554	64,428,622
Entitlement Issue	85,207,054	-
**Total **	170,366,608	64,428,622

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

The Company also has unquoted securities on issue as follows:

**Number **	Class
47,500	Ordinary fully paid shares
1,306,014	Convertible notes (Face value - $457,105) convertible at lesser of $0.35or 85% of 5 day weighted average market price on or before 31/01/2010
1,344,444	Convertible notes (Face value - $605,000) convertible at lesser of $0.45or 85% of 5 day weighted average market price on or before 28/02/2010
3,485,714	Convertible notes (Face value - $1,220,000) convertible at lesser of$0.35 or 85% of 5 day weighted average market price on or before30/09/2010
10,000,000	Convertible notes (Face value - $2,500,000) convertible at lesser of$0.25 or 80% of 30 day weighted average market price on or before29/01/2010

The timetable for the Entitlements Issue is as follows:

Announcement of EntitlementIssue,first708AA Notice andAppendix3B	20March 2009
Notice of EntitlementIssue sent to Shareholders	24 March 2009
“Ex” Date(date from which Shares commence trading without the entitlement to participatein the Entitlement Issue)	25 March 2009
Record Date(date for determining entitlements of eligible shareholders to participate in theEntitlementIssue)	31 March 2009
Second708AA Noticelodgedwith ASX	1 April 2009
Offer Document dispatched to Shareholders(expected date ofdispatchofofferdocument, entitlement and acceptanceforms)	1 April 2009
EntitlementIssue opens	1 April 2009
ClosingDate*(5.00pm WST)	17 April 2009
ASX notified ofundersubscriptions	22 April 2009
AllotmentDate**	27 April 2009
Cleansing Statement lodged with ASX(underSection 708A(5))	27 April 2009
Dispatch Holding Statements**	27 April 2009

• Subject to the Listing Rules, the Directors reserve the right to extend the Closing Date for the Offer at their discretion. Should this occur the extension will have a consequential effect on the anticipated date of issue for the new Shares.

** Dates are indicative only

If you are eligible and wish to participate in the Entitlement Issue, it will be necessary for you to complete your personalised Entitlement and Acceptance Form which will accompany your copy of the Offer Document and return it with the appropriate application monies to the Company’s share registry before the Closing Date.

Yours faithfully

Craig Willis Director