CYCLIQ GROUP LTD — Capital/Financing Update 2009

Mar 19, 2009

==> picture [121 x 49] intentionally omitted <==

==> picture [78 x 8] intentionally omitted <==

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

20 March 2009

Dear Option Holder

Non-Renounceable Entitlement Issue of Shares

The directors of Modena Resources Limited ( Company ) today announced a one (1) for one (1) pro rata non-renounceable entitlement issue ( Entitlement Issue ) to shareholders.

The Entitlement Issue will be offered to existing shareholders on the basis of one new share ( New Share ) for every one share held at the record date, at an issue price of 7 cents per 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.

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.

Under the terms of the options you currently hold, there is no entitlement to participate in the Entitlement Issue, unless you exercise your options and are entered onto the register as a shareholder on or before the Record Date.

If you wish to participate in the Entitlement Issue, it will be necessary for you to exercise all or part of your options, and the shares issued on the exercise of those options must have been allotted to you before the Record Date. If you wish to do so, you should complete a Notice of Exercise of Options and lodge that notice with the Company, together with your payment for the number of shares you wish to take up on or before the Record Date of 31 March 2009.

If you do not wish to participate in the Entitlement Issue in respect of your options, you do not need to take any action.

If you require further information please contact the undersigned or the Company’s Share Registry, Computershare Investor Services Pty Ltd on (08) 9323 2000 during normal business hours.

Yours faithfully

Craig Willis Director

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