WEEBIT NANO LTD — Capital/Financing Update 2015

Apr 23, 2015

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ACN 146 455 576

Yerecoin Purchase Transaction Complete

Radar Iron Ltd (ASX: RAD “Radar”) is pleased to provide an update on the status of the purchase of the Yerecoin Iron Ore Project:

• Purchase terms renegotiated with vendors

• Final payment made – Radar now owns project outright

ASX Release

24 April 2015

Suite 8, 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

ASX Code:

RAD (Fully Paid Ordinary Shares)

• Funding Provided through Convertible Note Issue

As announced in April 2014, Radar agreed to acquire the Yerecoin high grade iron ore project in the Central West of WA. The purchase was to be finalised following 3 payments over a 12 month period. The first payment was made in April 2014.

Following extended negotiation the parties agreed to reduce the purchase price and subsequent magnitude of the remaining two payments owing to the deterioration in the iron ore market fundamentals.

Radar made a single final payment of $560,000 to the vendors on April 23, 2015 to complete the purchase and now owns the project outright. In addition, the royalty payable on each tonne of concentrate produced from the tenements has reduced from $1.00 to $0.60. Full details of the original transaction were in Radar’s ASX release “Major Project Acquisition”, dated April 24, 2014, available at Radar’s web site www.radariron.com.au

Radar is very pleased to finalise this matter and now can focus on establishing the optimum way forward to add value to the project. This development also allows the company to progress towards lifting the suspension in trading on the Company’s shares.

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Yerecoin Settlement

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Radar has raised $615,000 to complete the transaction through convertible loan agreements with sophisticated professional investors who are unrelated parties.

The convertible notes have the following key terms:

1. Each note has a face value of $1.00

2. A term of 6 months.

3. Coupon Rate 1% per month payable in RAD shares quarterly in arrears.

4. Each note converts into 200 RAD shares.

Approval for these loans to be converted to shares will be put to the shareholders at the next general meeting. If all loans are converted to equity, Radar’s issued capital will increase by 123M shares to approximately 255M shares.

For and on behalf of Radar Iron Ltd

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Jonathan Lea Managing Director Radar Iron Ltd

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