CYCLIQ GROUP LTD — Capital/Financing Update 2010

Jan 21, 2010

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22[nd] January 2010

Companies Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

PURCHASE OF SECURED DEBTOR POSITION

Further to the company’s announcement on 5[TH] January 2010, Modena Resources Limited (ASX: MDA , the Company) advises that it has entered into an agreement to amend the term sheet conditions. MDA will purchase, prior to completion of the original transaction, the priority secured Debt and Debtor in Possession finance positions from Blackgate Resources LLC ( Blackgate ).

This will then provide MDA with priority during the Debtor in Possession proceedings under section 1107 of the Chapter 11 bankruptcy of BNP Petroleum LLC. The Company has taken this action to secure the position in the bankruptcy proceedings as the only significant secured debtor and, as such, assist with the acquisition of BNP Petroleum.

The acquisition of the secured Debt and Debtor in Possession finance positions remain subject to shareholder and regulatory approvals, and is also conditional on completion of a capital raising of A$10,000,000.

The Company is moving to expedite the Blackgate transaction which provides both significant production upside and exploration potential.

CAPITAL RAISING

To facilitate this transaction the Company advises that, subject to shareholder and regulatory approvals, it intends to raise up to A$10,000,000 by the issue of 250,000,000 MDA shares @ A$0.04 per share, together with 1 free attaching option, exercisable at $0.06 each on or before 31 December 2013, for every 2 shares subscribed for and issued. The Company also intends to issue up to 200,000,000 options exercisable at $0.06 each on or before 31 December 2013, at an issue price of $0.001. Funds raised will be used to acquire the secured Debt and Debtor in Possession finance positions as described above, to fund new projects and for working capital purposes.

Yours sincerely

A R Hamilton B.Bus FIoD.UK

Executive Director

Suite B, 150 Hay Street PO Box 8155, Hay Street East Subiaco WA 6008 T: +61 (0)8 9388 8436 F: +61 (0)8 9388 8450