RAIDEN RESOURCES LIMITED — Capital/Financing Update 2003

Jan 19, 2003

Medical Monitors Limited ACN 009 161 522

20 January 2002

Company Announcements Office Australian Stock Exchange Ltd 10 Bridge St Sydney

By Fax: 1300 300 021

Pages: 9 (inclusive)

Dear Sirs

RE: Private Placement of Shares, AusINDUSTRY Grant and Appendix 3B

The company wishes to advise that a Private Placement of \$350,000 has been received, as approved at the recent Annual General Meeting 2002 of the Company. Accordingly, a total of 9,999,879 fully paid ordinary shares (priced at \$0.035) have been issued on January 14, 2002.

The shares were issued to provide for additional working capital for the Company to fund domestic and overseas marketing programs and the development of additional monitoring infrastructure. As previously stated, the Company is actively involved in a number of monitoring and evaluation programs with major pharmaceutical companies both locally and overseas, and it is anticipated that sales revenue will be forthcoming from these activities.

Further, the Company has received \$317,418 for qualifying expenditure incurred on the Company's R&D activities for the financial year 2001/2002. This payment has been authorised through AusINDUSTRY and the Australian Government (ATO).

Attached please find the relevant Appendix 3B documentation.

Dr Allan Shell Managing Director

Suite 407 Office Tower Westfield Eastgardens 152 Bunnerong Road Eastgardens NSW 2036 Australia Phone: +61 2 9344 8100 Fax: +61 2 9344 8200

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002.

Name of entity

Medical Monitors Limited

ABN

68 009 161 522

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

$\bf{l}$ ⁺Class of 'securities issued or to be issued

Ordinary Shares

• $\overline{2}$ Number of ⁺securities issued or to be issued (if known) or maximum number which may be issued
• Principal terms of the ⁺securities (eg, 3 if options, exercise price and expiry date; if partly paid 'securities, the amount outstanding and due dates $for$ payment; if ⁺convertible securities, the conversion price and dates for conversion)

9,999,879

Fully paid

• See chapter 19 for defined terms.

11/3/2002

Appendix 3B Page 1

4	Do the securities rank equally in all respects from the date of allotment with an existing + class of quoted securities?	Yes
	If the additional securities do not rank equally, please state: the date from which they do the extent which to. they participate for the next dividend, (in the case ٥f a. trust. distribution) or interest payment the extent to which they do not rank equally, other than in relation to the next dividend. distribution or interest payment
5.	Issue price or consideration	3.5 cents each
6	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	The shares fund domestic monitoring infrastructure.	issued provide for w CTC to additional working capital for the Company to and marketing overseas programs and the development of additional The issue had been approved at the Annual General Meeting, held 29 November 2002.
7	Dates of entering "securities into uncertificated holdings or despatch of certificates	14th January 2003
		Number		+ Class
8	Number + class of all and $\mathbf{ASX}$ *securities quoted $_{\text{on}}$ (including the securities in clause 2 if applicable)	118,041,556 1. 2. 22,795,787 3. 60,561,113		1.Ordinary Shares 2.Options (exercisable at \$0.80 each expiring 30/06/03) 3.Options (exercisable at \$0.20 each expiring 30/06/05)

. .

• See chapter 19 for defined terms.

Appendix 3B Page 2

11/3/2002

J.

J,

9 Number and *class of all ⁺sccuritics not quoted on ASX (including the securities in clause 2 if applicable)

Numher	+ Class
54,312,787 2. 18,869,600 3. 31,077 4. 31,077	1.Ordinary Shares 2. Options (exercisable at \$0.20 cach expiring 30/06/05) 3. Total B, C&D Class Redeemable Converting Shares 4. Total B, C&D Class options

$10\,$ Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

No dividend policy has been formulated by the company at this stage. It is the Board's intention to defer the development of a dividend policy until surplus cash flows are available.

Part 2 - Bonus issue or pro rata issue

11	holder security approval Is required?
12	Is the issue renounceable or non- renounceable?
13	Ratio in which the + securities will be offered
14	+ Class of + securities to which the offer relates
15	*Record date determine 10 1 entitlements
16	Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?
17	Policy for deciding entitlements in relation to fractions
18	Names of countries in which the entity has 'security holders who will not be sent new issue documents
	Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7.
19	Closing date for of receipt acceptances or renunciations
	+ See chapter 19 for defined terms.
11/3/2002		Appendix 3B Page 3

Appendix 3B New issue announcement

20	Names of any underwriters
21	Amount of any underwriting fee or commission
22	Names of any brokers to the issue
23.	Fee or commission payable to the broker to the issue
24	Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of *security holders
25	If the issue is contingent on *security holders' approval, the date of the meeting
26	Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled
27	If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders
28	Date rights trading will begin (if applicable)
29	Date rights trading will end (if applicable)
30	How do + security holders sell their entitlements in full through $\mathbf{a}$ broker?
31	How do 'security holders sell part of their entitlements through a broker and accept for the balance?

. .

1 See chapter 19 for defined terms.

Appendix 3B Page 4

11/3/2002

л.

32 How do *security holders dispose of their entitlements (except by sale through a broker)?

33 *Despatch date

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities (tick one)
• $\left( a\right)$ Securities described in Part 1 ΙX
• $(b)$ All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fally paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

(If the additional securities do not form a new class, go to 43)

Tick to indicate you are providing the information or documents

• If the "securities are "equity securities, the names of the 20 largest holders of the 35 additional *securities, and the number and percentage of additional *securities held by those holders
• If the "securities are 'equity securities, a distribution schedule of the additional 36 *securities setting out the number of holders in the categories $1 - 1,000$ $1,001 - 5,000$ 5,001 - 10,000 10,001 - 100,000 100,001 and over

37 A copy of any trust deed for the additional *securities

(now go to $43$ )

• See chapter 19 for defined terms.

11/3/2002

Appendix 3B Page 5

$915.93448200$

Entities that have ticked box 34(b)

38 Number of securities for which quotation is sought 39 Class of ⁺securities for which quotation is sought 40 Do the 'securities rank equally in all respects from the date of allotment with an existing ⁺class of quoted *securities? If the additional securities do not rank equally, please state: • the date from which they do • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment $4₁$ Reason for request for quotation now Example: In the case of restricted securities, end of restriction period (if issued upon conversion of another security, clearly identify that other security) Number ⁺Class 42 Number and ⁺class of all ⁺securities quoted on ASX (including the securities in clause 38)

(now go to $43$ )

• See chapter 19 for defined terms.

Appendix 3B Page 6

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$6129448200;$

All entities

Fees

43 Payment method (tick one)

	Invoice
--	---------

Electronic payment made Note: Payment may be made electronically if Appendix 3B is given to ASX electronically at the same time,

Periodic payment as agreed with the home branch has been arranged

Note: Arrangements can be made for employee incentive schemes that involve frequent issues of securities.

Quotation agreement

• $\mathbf{1}$ *Quotation of our additional *securities is in ASX's absolute discretion. ASX may quote the *securities on any conditions it decides.
• 2 We warrant the following to ASX.
• The issue of the 'securities to be quoted complies with the law and is not for an illegal purpose.
• There is no reason why those 'securities should not be granted 'quotation.
• An offer of the "securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any 'securities to be quoted and that no-one has any right to return any 'securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the *securities be quoted.
• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the 'securities to be quoted, it has been provided at the time that we request that the 'securities be quoted.

• If we are a trust, we warrant that no person has the right to return the *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the "securities be quoted.

• Scc chapter 19 for defined terms.

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Appendix 3B Page 7

• $\overline{\mathbf{3}}$ We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• $\overline{4}$ We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before +quotation of the 'securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here: Director

Date: 20/01/03

Print name:

Dr Allan Shell.

• See chapter 19 for defined terms.

Appendix 3B Page 8

11/3/2002