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Modena $10,000,000 Working Capital Facility

Modena Resources Limited (MDA, the Company) is pleased to announce that it has entered into an agreement with Truestone Capital Specialist Investments Limited, (TCSI) a London based specialist financier to provide a working capital facility to the company, subject to completion of formal agreements and completion of due diligence. The term of the proposed facility is 24 months with an option for extension by mutual agreement for a further 12 months. The facility draw down is solely at the Election of the company and subject to a formal draw down process. Anthony Hamilton, Chairman of Modena Resources said, “ We are extremely pleased to have concluded successful negotiations to secure funding that will allow our company to further accelerate production from our existing producing assets. Modena has a large suite of assets that we have recently acquired. Our aim as a board is to further expand production and to focus on our many exciting exploration targets within this recently acquired suite of assets. We are confident now with funding in place, that we can further grow our reserves and create shareholder value in the process.” Neil Rinaldi Managing Director of Truestone Capital Specialised Investment said, “ Modena will benefit from having this facility in place in several ways. Instead of raising capital in the traditional way via a large placement the company has elected to utilise our facility whereby the company at its discretion may call on funds when and if necessary. One of the major benefits of this is that the company does not have to dilute shareholders unnecessarily at too early a stage.” The Company will focus on the expansion of the production operations in South Texas towards the projected 14,900 MCFPD of gas production which is currently on target.