WEEBIT NANO LTD — Capital/Financing Update 2014

Dec 17, 2014

Rights Issue Withdrawn

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• Victory terminates underwriting of rights issue

• Rights issue withdrawn

• Negotiations ongoing with Victory for further support

ACN 146 455 576

Radar Iron Ltd (ASX: RAD “Company”) provides the following update on the recently announced two-stage capital raising initiative to raise approximately $5.5 million.

ASX Release

18 December 2014

Suite 7, 55 Hampden Rd Nedlands WA 6009 PO BOX 994 Subiaco WA 6904

P + 61 8 9389 9919 F + 61 8 6389 0576 E info@radariron.com.au W www.radariron.com.au

Contact:

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

Damon Sweeny Company Secretary E damon@ampereltd.com.au

Directors:

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

Issued Capital:

132,248,630 Ordinary Shares 5,000,000 Unlisted Options

Stage 1: As previously reported Radar issued 26.1m shares to Victory Mining Pty Ltd (“Victory”) in November at a price of 3.5 cents a share and raised $0.91M. As a result Victory now holds approximately 19.7% of Radar’s expanded issued capital.

Stage 2: Radar initiated in November, following shareholder approval, a fully underwritten rights issue to raise a further $4.6M at a price of 3.5 cents per share closing, after extension, on 17th December 2014. Details of the rights issue were contained in an ASX release on 22 September 2014 with further information provided in the Notice of Annual General Meeting released to ASX on 22 October 2014. The rights issue was fully underwritten by Victory and conditional upon (amongst other things) the Platts Daily Iron Ore 62% Fe, North China price assessment being at all times 90% or more than on the business day prior to the date of the Term Sheet (18 September 2014). As a result of the index falling below this level, Victory has now terminated its underwriting obligation.

As a consequence Radar has decided to withdraw the rights issue. All applications funds will be returned.

Radar intended to use the funds from the rights issue, in part, to pay the remaining purchase consideration for the Yerecoin Project. The Company is currently in negotiations with the vendors of the Yerecoin Project and Victory aimed at completing a mutually satisfactory agreement to vary the payment and related financing terms.

The Company requests a voluntary suspension pending a further announcement on the status of the Company’s capital raising initiatives and payment of the remaining purchase consideration, which is expected to be made within a week.

ASX Code:

The Company is not aware of any reason why its securities should not be suspended.

RAD (Fully Paid Ordinary Shares)

For and on behalf of Radar Iron Ltd

Jonathan Lea Managing Director

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