TIVAN LIMITED — Capital/Financing Update 2007

Jun 26, 2007

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

TNG Limited

ABN

12 000 817 023

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).

1	+ Class of + securities issued or to be issued	Ordinary shares Unlisted Options
$\overline{c}$	Number of $\ddagger$ securities issued or to be issued (if known) or maximum number which may be issued	100,000 Ordinary Shares 2,500,000 Unlisted Incentive Options
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)	Ordinary shares on the exercise of 100,000 unlisted options $\omega$ \$0.23 Unlisted Options @\$0.50 expiring 31 March 2010

⁺ See chapter 19 for defined terms.

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 extent which the to. they participate for the next dividend, οf (in the case 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	100,000 unlisted options $\omega$ \$0.23 2,500,000 options $@$ nil consideration
6.	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	Exercise of Unlisted Options Issue of Unlisted options
7	Dates of entering *securities into uncertificated holdings or despatch of certificates	27 June 2007
		Number	+ Class
8	Number and class οf all securities quoted ASX. on (including the securities in clause 2 if applicable)	182,092,405	Ordinary Shares

⁺ See chapter 19 for defined terms.

		Number	+ Class
9	Number and * class of aIl	1,500,000	Options-Exercise
	*securities not quoted on ASX		Price \$0.23, expiring
	(including the securities in clause		30 November 2007
	2 if applicable)	1,500,000	Options-Exercise
			Price \$0.38, expiring
			31 December 2011
		3,600,000	Options-Exercise
			Price \$0.38, expiring
			31 December 2011
		10,000,000	Options-Exercise
			Price \$0.50, expiring
			31 March 2010
		2,500,000	Options-Exercise
			Price \$0.50, expiring 31 March 2010
10	Dividend policy (in the case of a	No Policy
	trust, distribution policy) on the
	increased capital (interests)

Part 2 - Bonus issue or pro rata issue

11	security holder approval Ιs 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 determine date 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

⁺ See chapter 19 for defined terms.

Names of countries in which the 18 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 receipt of acceptances or renunciations

$+$ See chapter 19 for defined terms.

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	any handling of fee Amount 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 а broker?
31	How do *security holders sell part of their entitlements through a broker 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	(tick one)	Type of securities
(a)		Securities described in Part 1

		All other securities
--	--	----------------------

$(b)$

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 conve

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
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

$+$ 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
• 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)

42 Number and ⁺class of all ⁺securities quoted on ASX (including the securities in clause 38)

Number	+ Class

Ouotation agreement

• $\mathbf{1}$ *Ouotation of our additional *securities is in ASX's absolute discretion. ASX may quote the *securities on any conditions it decides.
• $\overline{2}$ We warrant the following to ASX.
• The issue of the *securities to be quoted complies with the law and is not for $\bullet$ an illegal purpose.
• There is no reason why those *securities should not be granted *quotation. $\bullet$
• 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.
• $\overline{4}$ 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.

---

. . . . . . . . . . . . . . . . . . . .

Company secretary

Date: 27 June 2007......

Sign here:

Print name: Damian Delaney....................................

$+$ See chapter 19 for defined terms.