Document:

eBet
        Limited 

      Chargee

      

      and

      

      Octavian
        International Limited

      Chargor

      

      Deed
        of Release

      in
        respect of

      a
        Charge
        over Intellectual Property

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DEED
        OF RELEASE

      

      DATED  10th
        October, 2008

      

      
        	
                BY

              	
                eBet
                  Limited,
                  an company incorporated in the Commonwealth of Australia whose
                  company
                  number is ACN 056 210 778, with an office at Unit 13, 112-118 Talavera
                  Road, North Ryde, NSW 2113, Australia (the Chargee)

              

      

      

      
        	
                TO

              	
                Octavian
                  International Limited,
                  a
                  company incorporated in England and Wales whose company number
                  is 04185988
                  and whose registered office is at 51 Eastcheap, London EC3M 1JP
                  (the
                  Chargor)

              

      

      

      OPERATIVE
        PROVISIONS

       

      
        	
                1.

              	
                Interpretation

              

      

       

      In
        this
        deed:-

      

      Charged
        Property
        means
        the property and assets charged by the Chargor to the Chargee by the Security
        Document;

      

      Security
        Document
        means
        the security document described in the Schedule.

       

      
        	
                2.

              	
                Release

              

      

       

      By
        this
        deed, the Chargee (1) unconditionally and irrevocably releases the Charged
        Property from the charges, mortgages and other security interests created
        by the
        Security Document and (2) unconditionally and irrevocably releases and
        discharges the Chargor from its obligations to the Chargee under the Security
        Document.

       

      
        	
                3.

              	
                Undertaking

              

      

       

      The
        Chargee undertakes to execute any further documents or do anything reasonably
        required by the Chargor in order to comply with Clause 2 of this Deed, provided
        that all costs reasonably incurred in such compliance shall by reimbursed
        by the
        Chargor.

       

      
        	
                4.

              	
                Law

              

      

       

      This
        deed
        shall be governed by and construed in accordance with English
        law.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      In
        witness
        of which
        this document has been executed by the Chargee as a Deed
        and
delivered
        on the
        date set out at the beginning of this Deed.

       

      
        	
                Executed
                  as
                  a Deed
                  by

                eBet
                  Limited

                acting
                  by

              	
                 

                 

                and

                duly authorised

              	
                )

                )

                )

                )

              	
                 

                 

                 

              
	 	 	 	 
	 	 	 	 

                sign
                  here: /s/ Anthony Toohey

              
	 	 	 	
                Title:

                 

                print
                  name: Anthony Toohey

              
	 	 	 	
                 

                 

                sign
                  here: /s/ I R James

              
	 	 	 	
                Title:

                 

                print
                  name: Ian R. James

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE

      

      Security
        Documents

      

      
        	
                Name

              	
                Date

              	
                Parties

              
	 	 	 
	
                Deed
                  of Charge

              	
                15
                  August 2007

              	
                Octavian
                  International Limited

              
	 	 	
                eBet
                  Limited

              

      

      

      Ref:
        VCA/NCP/0803907/881758

       

      Beaufort
        House, Chertsey Street, Guildford, Surrey GU1 4HA; Tel: 01483 555 555; Fax:
        01483 567 330; DX: 2406 Guildford.Lilac
                Advisors, LLC

            	
              150
                East 58th
                Street

            
	 	
              28th
                Floor

            
	 	
              New
                York, NY 10155

            

    

    

    April
      24th,
      2008

    

    Mr.
      Harmen Brenninkmeijer 

    Octavian
      International Ltd. 

    Bury
      House

    1-3
      Bury
      Street

    Guildford

    Surrey
      GU2 4A W

    United
      Kingdom

    

    Dear
      Harmen,

    

    This
      letter (this “Agreement”) constitutes the agreement between Octavian
      International Ltd. (the “Company”) and Lilac Advisors, LLC (“Lilac”) regarding a
      potential transaction by the Company. The Company hereby grants Lilac a right
      of
      first offer with respect to any acquisition, sale of assets, consolidation,
      or
      merger by the Company (a “Merger”) with or into a public company (a “Shell”).
      Pursuant to such right of first offer, the Company and Lilac will use their
      respective reasonable best efforts to cause the Company to consummate a Merger
      with or into Spectre Gaming, Inc., a Minnesota corporation (“Spectre”). In the
      event that after using such reasonable best efforts, the parties conclude that
      such a transaction with Spectre will not be in the Company’s best interests,
      then the Company shall have the right to merge with or into a public company
      other than Spectre. The Company agrees that in the event that a Merger with
      or
      into Spectre or any other company, is consummated, and CIBC Oppenheimer &
Co., Thomas Lloyd Capital LLC, or any other financial intermediary introduced
      to
      the Company by Lilac or by Brian Daly (any of such intermediaries referred
      to as
      a “Lilac Banker”) is entitled to any fees in connection with such transaction,
      Lilac, or its designee, shall have an ownership interest in in the resulting
      merged company (“Newco”) on a fully diluted basis equal to the lesser of (i) 13%
      or (ii) the percentage obtained by dividing $2,400,000 by the pre-money value
      ascribed to Newco at the time of its first post-Merger financing. The parties
      presently intend for Newco to raise capital via a “PIPE” financing concurrently
      with or soon after the Merger.

    

    The
      Company further agrees that in the event that the Company does not undertake
      the
      transaction contemplated by the preceding paragraph, but instead within 9 months
      of the date hereof, the Company, or any successor, affiliate or its parent
      company, consummates any other type of transaction or series of transactions
      (“Alternate Transactions”), including but not limited to any mergers or
      acquisitions, licensing transactions with substantial upfront or near term.
      payments, and any debt or equity financings via the public or private markets,
      then Lilac shall be entitled to a fee in the amount of 2.5% of the gross
      proceeds (cash or otherwise) to the Company, from such Alternate Transactions,
      but if and only if any Lilac Banker is entitled to any fees in connection with
      such Alternate Transactions,.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    The
      Company further agrees that in the event it consummates a financing during
      the
      next four months and prior to the aforementioned PIPE transaction, it shall
      allocate not less than $250,000 to Lilac for purposes of (i) satisfying any
      remaining liabilities of Spectre other than Spectre’s senior debt obligations or
      (ii) acquiring a “clean” shell in which to merge the Company. The Company shall
      have the right to approve the use of any amounts so allocated to Lilac, such
      approval not to be unreasonably withheld or delayed.

    

    This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York applicable to agreements made and to be fully performed
      therein. Any disputes which arise under this Agreement, even after the
      termination of this Agreement, will be heard only in the state or federal courts
      located in the City of New York, State of New York. The parties hereto expressly
      agree to submit themselves to the jurisdiction of the foregoing courts in the
      City of New York, State of New York.

    

    *************************************

    

    In
      acknowledgment that the foregoing correctly sets forth the understanding reached
      by Lilac and the Company, please sign in the space provided below, whereupon
      this letter shall constitute a binding Agreement as of tile date indicated
      above.

    

    Very
      truly yours,

    

    Lilac
      Advisors, LLC

    

    
      	
              By:
                

            	
              /s/
                Brian Daily

            

    

    Name:
      Brian Daily

    Title:
      Manager Partner

    

    Accepted
      and Agreed

    

    Octavian
      International Ltd.

    

    
      	
              By:
                

            	
              /s/
                Harmen Brenninkmeijer

            

    

    Name:
      Harmen Brenninkmeijer

    Title:

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