WEEBIT NANO LTD — Capital/Financing Update 2014

Nov 2, 2014

Placement completed and timeline for Rights Issue finalised

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ACN 146 455 576

• New cornerstone investor Victory Mining takes up 26.1m shares for $0.9m following shareholder approval

• Victory Mining to fully underwrite a one for one rights issue to raise a further $4.6M subject to shareholder approval to be sought at AGM on 19 November.

ASX Release

3 November 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

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

At a general meeting of shareholders held on Thursday 23 October, shareholders approved the issue of 26.1m shares to Victory Mining Pty Ltd (“ Victory ”). The issue was at a price of 3.5 cents a share and raised $0.91M. Funds from the placement were received on 31 October 2014 and as a result Victory now holds approximately 19.7% of Radar’s expanded issued capital.

Victory is a private investment company, with a focus on mineral investments in Australia and abroad. The Board of Radar welcomes Victory as Radar’s largest shareholder and acknowledges its strong support for the Company’s iron ore project development strategy.

The second stage of the capital raising is subject to shareholder approval at Radar’s AGM to be held on 19 November 2014. If approved by shareholders, Radar will undertake a fully underwritten rights issue raising a further $4.6M at a minimum price of 3.5 cents per share by mid 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. Victory has agreed to fully underwrite the offer subject to the approval of shareholders, which if approved, is expected to be completed by early December 2014.

Proceeds from the placement and rights issue will fund the $2.9 million in remaining payment obligations for the acquisition of the Yerecoin Project and provide working capital to progress technical studies on Yerecoin that are necessary to advance the project to a decision to mine.

ASX Code:

RAD (Fully Paid Ordinary Shares)

For and on behalf of Radar Iron Ltd

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Jonathan Lea Managing Director