SYDNEY, Australia – 17 October 2024 | Oar Resources Limited (ASX: OAR) is pleased to announce that it has received a firm commitment for $750,000 in short-term funding via an unsecured loan. The funds will provide immediate working capital to support the Company's ongoing exploration activities across its uranium projects in Brazil and Namibia while also allowing Oar to evaluate new growth opportunities in line with its strategy to maximise shareholder value.
Highlights:
$750,000 Unsecured Loan: The Company has secured a firm commitment for a short-term loan of $750,000, to be drawn in a single transaction on or around 23 October 2024.
Exploration Focus: The funds will enable Oar to continue advancing its uranium exploration projects in Brazil and Namibia while also exploring new opportunities that align with the Company's growth strategy.
Favourable Loan Terms: The loan is unsecured, with a term of up to five months and an interest rate of 1% per month, payable at maturity.
Lead Manager Engagement: GBA Capital Pty Ltd has been engaged as the lead manager for the funding, with a 6% capital raising fee payable on the amount raised.
Key Terms of the Loan Agreement ("Loan Agreement")
The Loan is unsecured and will be advanced in a single drawdown on or about 23 October 2024. The Loan has a term of up to 5 months, with 1% interest per month, payable at maturity. The Company has engaged GBA Capital Pty Ltd ("GBA Capital") to act as lead manager to the fundraising. The Company has agreed to pay GBA Capital a capital raising fee equal to 6% of the amount raised in consideration for its services. Subject to receipt of shareholder approval at the upcoming AGM, GBA Capital (or its nominees) will also be issued a total of 200 million options exercisable at $0.003 each, expiring on 27 May 2027.
About us:
About Oar Resources Limited
Oar Resources Limited (ASX: OAR) is a mineral exploration company with a high potential asset portfolio in safe jurisdictions and diversified across commodity. OAR aims to advance its projects across Namibia, Brazil and Australia, refining its focus, and potentially unlocking shareholder value through divestment or spin out options for the Oar Graphite Project in South Australia. OAR is currently focussed on its uranium projects in Namibia and Brazil, with the Company exploring options to expand its land position.
