REDIVIUM LIMITED — Capital/Financing Update 2006

May 2, 2006

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. 1/1/2003. 24/10/2005.

Name of entity

Hannans Reward Limited

ABN

52 099 862 129

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

Options

250.000

• $\overline{2}$ Number of +securities issued or to be issued (if known) or maximum number which may be issued
• 3 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 *convertible securities, the conversion price and dates for conversion)

The exercise price for each option is $0.20. Options can be exercised on or before 2 May 2008.

$\div$ See chapter 19 for defined terms.

4	Do the *securities rank equally inall respects from the date ofallotment with an existing *classof quoted *securities?	NA
	If the additional securities do notrank equally, please state:the date from which they dothe extent to which they٠participateforthenextdividend, (in the case of atrust, distribution) or interestpaymentthe extent to which they donot rank equally, other than inrelation to the next dividend,distributioninterestorpayment
5	Issue price or consideration	Nil
6	Purpose of the issue(If issued as consideration for theacquisition of assets,clearlyidentify those assets)	Consideration for the provision of servicesby contractor.
7	Dates of entering *securitiesinto uncertificated holdings ordespatch of certificates	3 May 2006
8	Number and *class of all	Number67,814,233	*ClassFully paid ordinary
	*securitiesquoted on ASX(including the securitiesinclause 2 if applicable)		shares.

+ See chapter 19 for defined terms.

		Number	*Class
9	Number and * class of all*securities not quoted on ASX(including the securities- inclause 2 if applicable)	1,000,000	Options exercisableat $0.20 each on orbefore 31 March2008.
		250,000	Options exercisableat $0.20 each on orbefore 2 May 2008.
		3,000,000	Options exercisableat $0.20 each on orbefore 31 March2010.
10	Dividend policy (in the case of $\mid N/A \rangle$

a trust, distribution policy) onthe increased capital (interests)

Part 2 - Bonus issue or pro rata issue - Not Applicable

11	Is security holder approvalrequired?
12	Is the issue renounceable ornon-renounceable?
13	Ratio in which the *securitieswill be offered
14	*Class of *securities to whichthe offer relates
15	to determine*Record dateentitlements
16	on differentWill holdingsregisters (or subregisters) beaggregatedfor calculatingentitlements?
17	Policy for deciding entitlementsin relation to fractions

$\div$ See chapter 19 for defined terms.

18	Names of countries in which theentity has *security holders whowill not be sent new issuedocumentsNote: Security holders must be told how theirentitlements are to be dealt with.Cross reference: rule 7.7.
19	Closing date for receiptΟfacceptances or renunciations
20	Names of any underwriters
21	Amount of any underwriting feeor commission
22	Names of any brokers to theissue
23	Fee or commission payable tothe broker to the issue
24	Amount of any handling feepayable to brokers who lodgeacceptances or renunciations onbehalf of *security holders
25	If the issue is contingent on*security holders' approval, thedate of the meeting
26	entitlementDateandacceptanceformandProductprospectusorDisclosureStatementwillbesent to persons entitled
27	If the entity has issued options,terms entitle optionand theholdersparticipatetoonexercise, the date on whichnotices will be sent to optionholders
28	Date rights trading will begin (ifapplicable)
29	Date rights trading will end (ifapplicable)

+ See chapter 19 for defined terms.

• 30 How do *security holders sell their entitlements in full through a broker?
• $31$ How do *security holders sell part entitlements of their through a broker and accept for the balance?
• 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

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 Ronald Brown Manners as to 232,264 ordinary shares, 0.34% of issued capital (undiluted) John Henry Elkington as to 232,264 ordinary shares, 0.34% of issued capital (undiluted) 36 If the *securities are *equity securities, a distribution schedule of the additional *securities setting out the number of holders in the categories
• A copy of any trust deed for the additional *securities $NA$ 37

$\div$ 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 whichquotation is sought
40	Do the *securities rank equally inall respects from the date ofallotment with an existing *classof quoted *securities?
	If the additional securities do notrank equally, please state:the date from which they do۰the extent to whichthey٠forparticipatethenextdividend, (in the case of atrust, distribution) or interestpaymentthe extent to which they do٠not rank equally, other than inrelation to the next dividend,distributioninterestorpayment
41	Reason for request for quotationnowExample: in the case of restricted securities,end of restriction period
	(if issued upon conversion ofanother security, clearly identifythat other security)
		Number	*Class
42	Number*classοfalland*securitiesquotedASX.on.(including the securities in clause38)
	Quotation agreement
1	*Quotation of our additional *securities is in ASX's absolute discretion.ASX may quote the *securities on any conditions it decides.

We warrant the following to ASX. $2 \qquad \qquad$

+ See chapter 19 for defined terms.

• 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.
• 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.
• 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.
• 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.

$\begin{matrix} \downarrow \downarrow \downarrow \downarrow \downarrow \downarrow \downarrow \downarrow \downarrow \downarrow \downarrow \downarrow \downarrow $

Damian Hicks Executive Director 3 May 2006

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$\div$ See chapter 19 for defined terms.