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EcoQuest Ltd, Prospectus

Chairman's Letter

On behalf of the Directors of Eco Quest Limited (to be renamed Cynata Therapeutics Limited) (Company), I am delighted to invite you to participate in an issue of Shares to raise a minimum amount of $5,000,000.

The Company is seeking to raise a minimum of $5,000,000 through an issue of 12,500,000 Shares at a price of $0.40 per Share. Oversubscriptions of up to a further 2,500,000 Shares at an issue price of $0.40 per Share to raise up to a further $1,000,000 may be accepted. This Offer is being made to provide additional funds to advance the development of an exciting new technology in the field of stem cells.

On 24 September 2013 the Company exercised its options to acquire from the Vendors all the remaining shares in Cynata Incorporated that is does not already own. This follows the Company’s announcement on 12 July 2013 that it had entered into the Option Agreements with the Vendors, being shareholders of Cynata, to acquire their shares in that company. Completion of the Company’s proposed acquisition of Cynata Shares pursuant to the Option Agreements is subject to various conditions described more fully in Section 11.3 of this Prospectus, including Shareholders’ approval.

The proposed acquisition of Cynata Shares described further in this Prospectus signifies an important transforming event that will see the Company focus its business activities on the development of a stem cell technology deriving from the University of Wisconsin – Madison, one of the world’s leading centres for regenerative medicine and stem cell research. The potential therapeutic use of stem cells is one of the most exciting recent developments in medicine with a unique capability to alter the fundamental mechanisms of many diseases. The Company aims to develop the technology with the objective of securing a leading commercial position in this exciting field (subject to the risk factors summarised in Sections 3.5 and 7).

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