CYCLIQ GROUP LTD — Capital/Financing Update 2010

Aug 23, 2010

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24[th] August 2010

Companies Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

$10,000,000 WORKING CAPITAL FACILITY

Modena Resources Limited (ASX: MDA , the Company) is pleased to announce that it has entered into an agreement with Truestone Capital Specialist Investments Limited, (TCSI) a London based specialist financier to provide a working capital facility to the company, subject to completion of formal agreements and completion of due diligence.

The term of the proposed facility is 24 months with an option for extension by mutual agreement for a further 12 months. The facility draw down is solely at the Election of the company and subject to a formal draw down process.

Anthony Hamilton, Chairman of Modena Resources said, “ We are extremely pleased to have concluded successful negotiations to secure funding that will allow our company to further accelerate production from our existing producing assets. Modena has a large suite of assets that we have recently acquired. Our aim as a board is to further expand production and to focus on our many exciting exploration targets within this recently acquired suite of assets. We are confident now with funding in place, that we can further grow our reserves and create shareholder value in the process.”

Neil Rinaldi Managing Director of Truestone Capital Specialised Investment said, “ Modena will benefit from having this facility in place in several ways. Instead of raising capital in the traditional way via a large placement the company has elected to utilise our facility whereby the company at its discretion may call on funds when and if necessary. One of the major benefits of this is that the company does not have to dilute shareholders unnecessarily at too early a stage .”

Suite B, 150 Hay Street PO Box 8155, Hay Street East Subiaco Western Australia 6008 Phone: +61(0) 8 9388 8439 Facsimile: +61(0) 8 9388 8450

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The Company will focus on the expansion of the production operations in South Texas towards the projected 14,900 MCFPD of gas production which is currently on target.

Yours sincerely

A R Hamilton Chairman Modena Resources Limited

Suite B, 150 Hay Street PO Box 8155, Hay Street East Subiaco Western Australia 6008 Phone: +61(0) 8 9388 8439 Facsimile: +61(0) 8 9388 8450