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WEEBIT NANO LTD — Capital/Financing Update 2014
Dec 2, 2014
66042_rns_2014-12-02_638559bc-8efb-42c0-be00-a81bba1c0b76.pdf
Capital/Financing Update
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Sale of Non-Core Assets
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Option Agreement signed for sale of tenements in the Central Yilgarn Project
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Sale price $500,000, if option exercised
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Funds to be used for development of Yerecoin Project
ACN 146 455 576
Radar Iron Ltd (ASX: RAD “Company”) is pleased to provide an update on its asset rationalisation programme.
ASX Release
3 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 [email protected] W www.radariron.com.au
Contact:
Jonathan Lea Managing Director E [email protected]
Damon Sweeny
Company Secretary E [email protected]
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
ASX Code:
RAD (Fully Paid Ordinary Shares)
Radar has signed an option agreement with Padbury Mining Limited to sell its Johnston Range and Die Hardy Projects located in the Central Yilgarn. Information on these projects can be found in Radar’s September 2014 Quarterly Report to the ASX.
The total payment for the two tenement groups is $500,000 if the option is exercised following due diligence – to be complete by the last week of February 2015. A non-refundable $10,000 option fee was paid at the time of signing.
The tenement groups sold contain the Johnston Range hematite and the Die Hardy magnetite deposits discovered by Radar in recent years. Despite their potential, it was decided to divest these projects to maximise Radar’s focus on the proposed Yerecoin development.
Radar still holds the iron rights, but not title, to a substantial area of tenure in the Central Yilgarn area. Those holding costs and mandatory expenditure are largely met by the tenement owners.
For and on behalf of Radar Iron Ltd
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Jonathan Lea Managing Director
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