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ZOONO GROUP LIMITED Capital/Financing Update 2003

May 22, 2003

66124_rns_2003-05-22_917dd868-50fd-42b4-a690-42d0b6d4683d.pdf

Capital/Financing Update

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Level 4 20 Loftus Street SYDNEY NSW 2000

email: [email protected]

ash/psh/ash569

23 May 2003

The Manager Company Announcements Office Australian Stock Exchange Limited Level 4 20 Bridge Street SYDNEY NSW 2000

Via ASX Online

No. of pages - 1

Dear Sir.

Re: Non-renounceable rights issue - allotment of shares and options

The directors of Goldsearch Limited advise that they have today allotted a total of 5,440,158 ordinary fully paid shares and attached options pursuant to acceptances received from 160 shareholders to the offer set out in the Company's prospectus dated 24 March 2003.

The remaining 31,051,711 shares and options in the issue, which are in the process of being subscribed to by the underwriters, are expected to be allotted on Monday. A further announcement will be made when allotment is finalised

For and on behalf of the directors of Goldsearch Limited

P S Hewson Secretary