Oar Resources (ASX:OAR) has received firm commitments to raise $1 million via a placement to advance its uranium activities in Namibia and Brazil.
Under the placement, Oar will issue 500 million fully paid ordinary shares at $0.002 each, representing a 20% discount to the closing price on 2 April 2024 and a 23% discount to the 15-day volume-weighted average price of $0.0026 per share.
CPS Capital Group acted as the lead manager and broker for the placement.
CEO Paul Stephen says the funding takes Oar a step closer to starting initial exploration work across the recently acquired Namibian tenements, as well as early-stage work at the Brazilian rare earths and uranium project.
As previously reported, Oar signed a binding agreement earlier this month to acquire a 100% interest in prospecting licences in the Erongo region of Namibia, which is part of the company’s broader exploration strategy.
The funds raised ensure Oar is funded to advance the completion of due diligence across the licences, EPL 9652 and 9725.
The proceeds will also support an environmental study to secure an environmental clearance certificate, along with expedited exploration planning across the EPLs, including fieldwork and a potential maiden drilling program.
Oar notes proceeds will also support continued early-stage geological mapping and reconnaissance work at its Brazilian projects in Minas Gerais and Paraíba.
Oar Resources is a mineral explorer and developer focused on battery and critical minerals. The company has assets in South Australia, Brazil, and Namibia.
Write to Aaliyah Rogan at Mining.com.au
Images: Oar Resources
