WEEBIT NANO LTD — Capital/Financing Update 2014

Sep 21, 2014

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ACN 146 455 576

Placement and Fully Underwritten Rights Issue to Raise $5.5 million

Radar Iron Ltd (ASX: RAD “Company”) is pleased to announce the following capital raising initiatives to raise a total of $5.5 million:

• Placement of 26.1m shares to raise approximately $0.9M

ASX Release

22 September 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

• A fully underwritten one for one non-renounceable rights issue to raise approximately $4.6M

The placement at a price of 3.5 cents a share is to private investment company Victory Mining Pty Ltd (“ Victory ”) and will result in Victory holding approximately 19.7% of Radar’s expanded issued capital at completion. The transaction, which is subject to shareholder approval, is expected to be finalised in mid-October 2014.

The rights issue offer to shareholders is at a price of not less than 3.5 cents and expected to raise approximately $4.6M. Victory has agreed to underwrite the offer subject to the approval of shareholders, which if approved, is expected to be completed by the end of November 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.

Directors:

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

Issued Capital:

106,148,630 Ordinary Shares 5,000,000 Unlisted Options

ASX Code:

RAD (Fully Paid Ordinary Shares)

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ASX Announcement 22 September 2014

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KEY INVESTMENT POINTS

Radar and Victory have signed a binding term sheet with the following agreed:

1. Subject to satisfaction of the following conditions Radar agrees to issue 26.1m fully paid ordinary shares at an issue price of $0.035 per Share to raise $913,500:

2. a. Radar obtaining all necessary ASX approvals;

3. b. no material adverse change to Radar or its assets;

4. c. there being no material breach of any warranty given by Radar

5. Subject to satisfaction of the following conditions, Victory Mining agrees to fully underwrite a pro rata non-renounceable issue to raise $4.6m:

6. a. Radar lodging a prospectus for the Rights Issue;

7. b. Radar obtaining all necessary approvals (including shareholder approval under section 611 (item 7) of the Corporations Act);

8. c. no material adverse change to Radar or its assets;

9. d. there being no material breach of any warranty given by Radar;

10. e. if required, Investor obtaining FIRB approval;

11. f. the All Ordinaries Index remains at all times at least 90% or more than at the close of business on the business day prior to the date of the term sheet; and

12. g. the Platts daily Iron Ore 62% Fe, North China price remains at all times at least 90% or more than at the business day prior to the date of the agreement

The issue price for the rights issue is the greater of 80% of the volume weighted average closing price for Shares over the last 20 days on which sales took place before the Rights Issue prospectus is lodged and $0.035.

It is expected the placement funds will be received by mid-October 2014 and the rights issue finalised around the end of November 2014.

FUTURE WORK

With the funding for the Yerecoin project development work now secured, the ongoing technical evaluation studies will ratchet up in scope. These studies into metallurgical properties, reserve definition, transport options etc., are continuing and negotiations continue with infrastructure providers to better define the cost structure. Further releases on these aspects are expected in coming months.

New drill campaigns will be planned following the pit definition work aimed at obtaining further samples for metallurgical assessment and to increase the confidence in the current resource base.

Drilling plans for the potential high grade DSO iron ore Uruara project in Brazil will also be finalised so first pass drilling can be completed in the coming months.

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ASX Announcement 22 September 2014

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RADAR’S IRON ORE BUSINESS MODEL

Radar believes that with the depletion of high-grade direct shipping iron ore, global demand for high-grade concentrate (which can be used to supplement lower grade DSO ore) will increase substantially.

Radar has determined that an orderly and progressive approach to the development of new magnetite ore bodies is preferable. Initial smaller scale economic projects can be repeated or scaled up to successfully enter the high quality iron feedstock business.

This approach to magnetite project development contributes to de-risking the technical processes and mitigates against softer iron ore prices by reducing the high margin spread otherwise necessary to recover large front-end capital costs.

This strategy underpins Radar’s investment in the Yerecoin deposit. With 388mt of Indicated and Inferred Resources, the project has the potential to initially produce approximately 250,000 tonnes of high quality (68%+) Fe concentrate per annum using a small-scale production plant for an estimated capital cost of approximately $35m. Radar considers that this project strategy enables the exploitation of a major mineral resource in a measured and progressive way.

For and on behalf of Radar Iron Ltd

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Jonathan Lea Managing Director

COMPETENT PERSON’S STATEMENT

A Mineral Resource was established previously for the Yerecoin Magnetite Deposit. This information was reported under the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The Mineral Resource was detailed ASX releases that are available to view on the Company’s website www.radariron.com.au. The ASX releases were:

• “ Major Project Acquisition ” on 01/05/2014 (replacement announcement to that issued on 24/04 /2014)

• “ Yerecoin Resource Upgrade ” on 08/09/2014

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the data in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

There is a low level of geological confidence associated with Inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that any production target itself will be realised.

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