RAIDEN RESOURCES LIMITED — Capital/Financing Update 2005

Aug 16, 2005

MEDICAL MONITORS LIMITED (ASX:MDM)

17^th August 2005

Update on UK AIM Listing

REVERSE TAKEOVER OF MDM INTEREST IN MEDPRI LTD (PRIMEDICAL)

SALE OF CERTAIN MDM INTELLECTUAL PROPERTY TO UK AIM LISTED COMPANY

Further to previously released information, and under ASX Listing Rule 3.1, the Directors of Medical Monitors Limited (ASX:MDM) are pleased to announce the following.

Medical Monitors Limited ("MDM") and Medpri Limited ("Medpri"), trading as Primedical International ("Primedical") have entered into a non-binding "Heads of Agreement" with an Alternative Investment Market (AIM) listed company in the UK, Belgravia Telecom Limited ("Belgravia").

The agreement will become binding, once the various shareholder approvals (noted below) have been granted. It is anticipated that this will be finalised within the next two months. There will be two stages to the transaction and these may be subject to approval by MDM shareholders through an EGM, as well as any necessary approval from ASIC and the ASX.

The benefit of this transaction to MDM will be the creation of increased shareholder value, through a significant interest in an AIM listed entity, with access to capital for the expansion of the international business.

Belaravia, a telecoms investment company, will acquire the entire issued share capital of Medpri, subject to Belgravia shareholder approval. In addition, it is proposing to acquire certain intellectual property ("IP") from MDM.

In stage one, Belgravia will acquire Medpri by the issue of 45,991,200 shares in Belgravia credited as fully paid, and be re-admitted to trading on AIM.

In stage two, it is anticipated that the proposed acquisition of certain IP, being the relevant suPER™ and BPfone® technologies for the USA and European business, will be made by Belgravia, who will then issue 11,497,800 shares credited as fully paid to MDM.

On completion, the total shares on issue in Belgravia will be 65,180,000, of which MDM will hold 30,862,516 shares (47.35%) of the AIM entity.

Relevant shareholder and regulatory approvals for both stage one and two will be sought if necessary. The appropriate information and valuation will be provided in the Notice of Meeting documentation, which will be sent to all shareholders prior to the forthcoming EGM.

Medpri holds the exclusive distribution rights which has been licensed from MDM for the USA, UK and Europe which in turn has sub-licensed the US market to iCardia, a USA-based cardiac monitoring service and a fully operational subsidiary of Medpri.

About Medpri / Primedical

Medpri / Primedical is a fast growing technology sales and distribution company, positioned to become a pre-eminent provider of diagnostic telemedicine products and services competing in the global cardiovascular monitoring market worth an estimated USD \$1 billion (AUD \$1.3 billion). It holds the exclusive license and distribution rights for the USA and Europe of MDM's principal products and services, which are aimed at the diagnosis and treatment of irregular heartbeat (arrhythmia) and the monitoring of blood pressure.

The Company has already established significant sales in the US cardiac monitoring sector through its 86% owned US subsidiary iCardia Healthcare Corporation (iCardia). It delivers ECG cardiac monitoring services through its Chicago-based national clinical call centre and uses MDM's unique 'single use' monitoring technology, the suPER^TM.

In the US, there are some 14 million Americans living with a history of heart disease. Of those, 4 million have been diagnosed with arrhythmia. or irregular heartbeat which may be a precursor to sudden cardiac death if not controlled. The global arrhythmia management device market is growing rapidly, as the world's population ages and cost-effective diagnosis and management of heart rhythm disorders grows in importance.

The Directors will keep shareholders fully informed of any substantive developments. Further announcements will be made through the ASX as and when appropriate.

For further information please contact:

Dr Allan Shell Managing Director

$(02)$ 9344 8100