Radar to join tech trend

Perth-based Radar Iron is planning an exit from the resources industry through a reverse takeover of Israeli technology company Weebit-Nano.

Weebit has developed its ‘resistive random access memory’ technology which it considers to be a more viable, reliable and faster alternative to regular flash memory products.

It has a partnership with Rice University in Houston, USA.

Under the terms of the deal, Jonathan Lea-led Radar will pay Weebit an initial $150,000 as part of an option fee and upon the completion of due diligence, and will issue 750 million shares which, when valued to the against Radar’s last closing price of 4.7 cents, is worth about $35.3 million.

Radar will also be required to complete a minimum $5 million capital raising in order to comply with ASX relisting rules, with an issue price yet to be disclosed.

If the deal is successful, Radar will change its name to Weebit Nano.

It expects to begin trading under its new name and business model by March next year.

Shares in Radar surged on the news, up 112.7 per cent to 10 cents each at 12pm.