RAIDEN RESOURCES LIMITED — Capital/Financing Update 2007

May 20, 2007

21 May 2007

Company Announcements Office Australian Stock Exchange Ltd Sydney 2000

RE: Debt and Convertible Note to Equity Conversion

The Directors of Medical Monitors Ltd (ASX:MDM) are pleased to announce that they have approved the issue of shares to unrelated parties, under Listing Rule 7.1, as a debt to equity, and Convertible Note to Equity, payment.

Pursuant to the announcement made to the ASX on 30 November, 2006, and as part of the confidence expressed in the Company, $903,000 has been converted into equity resulting in a substantial interest expense saving to the Company with a of $56,800 over 12 months and $147,400 over the life of the note.

The note holders have further contributed $235,500 in a private placement of shares, at $0.15 per share, for working capital requirements.

$C$

Lynn Thompson Company Secretary

Medical Monitors Limited

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

$\overline{2}$

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).

$\mathbf{1}$ +Class of +securities issued or to be issued

Ordinary Shares

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

10,294,088

Fully paid

+ See chapter 19 for defined terms.

4	Do the *securities rank equally in allrespects from the date of allotmentwith an existing *class of quoted*securities?	Yes
	If the additional securities do notrank equally, please state:the date from which they dowhichtheextentto.theyparticipate for the next dividend,οfthecase(inätrust.distribution) or interest paymentthe extent to which they do notrank equally, other than inrelation to the next dividend,distribution or interest payment
5.	Issue price or consideration	$0.125 each (average)
6	Purpose of the issue(If issued as consideration for theacquisition of assets, clearly identifythose assets)	investors.	The Directors have approved the above issue ofshares, under Listing Rule 7.1, as payment tounrelated parties for Convertible Note accountsbeing converted to equity, and for a privateplacement of shares to sophisticated private
7	Dates of entering *securities intouncertificated holdings or despatchof certificates	21 May, 2007
8	Number$^+$ classandofall*securitiesquotedASX.on(including the securities in clause2 if applicable)	Number91,292,254	+ ClassOrdinary Shares(as Reconstructed)

+ See chapter 19 for defined terms.

$\overline{9}$ Number and *class of all *securities not quoted on ASX (including the securities in clause 2 if applicable)

Number	+ Class
3,000,000	Unlisted Options (asreconstructed),exercisable at $0.20,each expiring 30 June2007.

$1010$ Dividend policy (in the case of a No dividend policy has been formulated by the trust, distribution policy) on the company at this stage. It is the Board's intention increased capital (interests) to defer the development of a dividend policy until surplus cash flows are available.

Part 2 - Bonus issue or pro rata issue

11	holderapprovalsecurityN/AIsrequired?
12	Is the issue renounceable or non-renounceable?
13	Ratio in which the *securities willbe offered
14	+ Class of + securities to which theoffer relates
15	+ Recorddeterminedateto.entitlements
16	Will holdings on different registers(or subregisters) be aggregated forcalculating entitlements?
17	Policy for deciding entitlements inrelation to fractions
18	Names of countries in which theentity has *security holders whowill nothe.sentissuenewdocuments
	Note: Security holders must be told how theirentitlements are to be dealt with.
	Cross reference: rule 7.7.
19	оfClosingdateforreceiptacceptances or renunciations

$\overline{\text{+ See chapter 19 for defined terms.}}$

Appendix 3B New issue announcement

20	Names of any underwriters
21	Amount of any underwriting fee orcommission
22	Names of any brokers to the issue
23	Fee or commission payable to thebroker to the issue
24	Amount of any handlingfeepayable to brokers who lodgeacceptances or renunciations onbehalf of *security holders
25.	If the issue is contingenton*security holders'approval,thedate of the meeting
26	Date entitlement and acceptanceform and prospectus or ProductDisclosure Statement will be sent topersons entitled
27	If the entity has issued options, andthe terms entitle option holders toparticipate on exercise, the date onwhich notices will be sent to optionholders
28	Date rights trading will begin (ifapplicable)
29	Date rights trading will end (ifapplicable)
30	How do *security holders sell theirentitlements in full through abroker?
31	How do *security holders sell partof their entitlements through abroker and accept for the balance?

• See chapter 19 for defined terms.

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)
• Securities described in Part 1 $(a)$ ⊠
• $(b)$

All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully 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

35

If the *securities are *equity securities, the names of the 20 largest holders of the additional *securities, and the number and percentage of additional *securities held by those holders

-36	If the "securities are "equity securities, a distribution schedule of the additional "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.

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
• Do the +securities rank equally in all 40 respects from the date of allotment with an existing +class of quoted *securities?

If the additional securities do not rank equally, please state:

• $\bullet$ 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 and +class of all +securities 42 quoted on ASX (including the securities in clause 38)

Number	* Class

(now go to $43$ )

$+$ See chapter 19 for defined terms.

All entities

Fees

43	Payment method (tick one)
	冈	Invoice
		Electronic payment madeNote: 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

Quotation agreement

*Quotation of our additional *securities is in ASX's absolute discretion. ASX may Ť quote the +securities on any conditions it decides.

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

• $\overline{2}$ 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.

+ See chapter 19 for defined terms.

• $\overline{3}$ 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 true and complete.

1 and

Date: 21 May 2007

Sign here:

Company Secretary

Print name:

Ms Lynn Thompson

$+$ See chapter 19 for defined terms.