WEEBIT NANO LTD — Capital/Financing Update 2011

Oct 24, 2011

$2.48M PLACEMENT TO FUND CONTINUED DRILLING PROGRAM

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ACN 146 455 576

Highlights:

• $2.48 million to be raised via private placement;

• The placement is priced at $0.30, the equivalent of Radar’s 5 day VWAP for the 5 days prior to the Company’s shares being placed in Trading Halt.

• Funds raised to be used to progress work programs at Johnston Range and Die Hardy exploration projects;

ASX Release

25 October 2011

Suite 2, 12 Parliament Place West Perth WA 6005 PO BOX 902 West Perth WA 6872

P + 61 8 9482 0580 F + 61 8 9482 0505 E info@radariron.com.au W www.radariron.com.au

Contact:

Jonathan Lea Managing Director E jlea@radariron.com.au

Phillip Wingate Company Secretary E pwingate@radariron.com.au

Directors:

Alan Tough - Chairman Jonathan Lea - Managing Director Ananda Kathiravelu - Non-Executive

Issued Capital:

62,880,112 Ordinary Shares 20,626,704 Listed Options 23,050,000 Unlisted Options

Radar Iron Ltd (ASX: RAD) is pleased to announce a capital raising of $2.48 million via a placement of 8,282,017 fully paid ordinary shares to sophisticated investors.

The principle purpose of the placement is to raise funds to progress drilling programs at the Company’s Johnstone Range and Die Hardy iron ore exploration projects in the Yilgarn region of Western Australia.

The successful placement positions the company well to fund its ongoing drilling and exploration campaigns and provides a good platform to launch into what is expected to be a very active 2012 for the Company.

The placement, managed by FSS Advisory Pty Ltd, is undertaken within the Company’s 15% annual placement capacity (ASX listing rule 7.1).

Radar Iron’s Managing Director Jon Lea said “this is a major achievement for the Company and illustrates the support for the Company in capital markets. The money raised will allow the Company to comfortably continue exploration at Johnston Range and Die Hardy with a view of defining hematite and magnetite resources in the near future.”

An Appendix 3B for the issue will be lodged in due course.

Yours faithfully, For or on behalf of Radar Iron Ltd

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Jonathan Lea Managing Director

ASX Code:

RAD (Fully Paid Ordinary Shares) RADO (Listed Options)

Media Enquiries:

Fortbridge +612 9331 0655 Luke Dean 0414 535 433

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