OAR
Oar Resources Limited
ASX
Consolidation & Name Change to Core Energy Minerals Ltd
Sentiment:
Shareholder Update
28 November 2024 11:46 PM
Oar Resources Limited (ASX: OAR) shareholders approved a 20:1 share consolidation and a name change to Core Energy Minerals Ltd (ASX: CR3), effective December 12, 2024.
Delay expected
Trading of the company's securities will be on a deferred settlement basis from December 3, 2024 to December 11, 2024, delaying the full implementation of the name and ticker change.
Summary
- Oar Resources Limited (ASX: OAR) held its 2024 Annual General Meeting (AGM) on November 29, 2024.
- Shareholders approved a 20:1 share consolidation.
- The company's name will change to Core Energy Minerals Ltd.
- The new ASX ticker symbol will be CR3.
- Trading will be on a deferred settlement basis from December 3, 2024 to December 11, 2024.
- Normal trading will resume on December 12, 2024.
- During the deferred settlement period, OAR will temporarily trade as OARDC and OAROD will temporarily trade as OARDB.
- The company is focused on uranium projects in Namibia and Brazil and is exploring options to expand its land position.
Sentiment
Score: 7
Explanation: The announcement reflects a positive strategic move, although the deferred settlement period introduces a minor negative. Overall, the changes are expected to benefit the company in the long term.
Positives
- Shareholders approved the share consolidation and name change.
- The company is focused on uranium projects in Namibia and Brazil, which are considered high-growth areas.
- The company is exploring options to expand its land position, which could lead to increased value.
Risks
- Potential delays in the name and ticker symbol change process.
Future Outlook
The company will initiate the process with ASIC and ASX for the company's name to change to Core Energy Minerals Ltd and the company's ASX ticker will change to CR3. Shareholders will be advised when the company has received confirmation from ASX on completion of this process.
Industry Context
This announcement reflects a strategic shift for Oar Resources, focusing on uranium exploration and development in high-growth regions. The consolidation and name change signal a renewed focus and potentially improved market perception.
Next Steps
- Completion of the name change process with ASIC and ASX
- Notification of shareholders upon completion of the name and ticker change
Key Dates
- November 29, 2024: Annual General Meeting (AGM) held, share consolidation and name change approved
- December 3, 2024: Deferred settlement trading begins
- December 12, 2024: Normal trading resumes
Keywords
Uranium, Share Consolidation, Name Change, ASX, Oar Resources, Core Energy Minerals, Namibia, Brazil, AGM
OAR
Oar Resources Limited
ASX
Sector: Materials
Filings with Classifications
Delay expected
28 November 2024 11:46 PM
Shareholder Update
- Trading of the company's securities will be on a deferred settlement basis from December 3, 2024 to December 11, 2024, delaying the full implementation of the name and ticker change.
Capital raise
28 November 2024 11:35 PM
Annual General Meeting Results
- Resolution 15 approved the issuance of future capital raising shares.
Capital raise
29 October 2024 10:00 PM
Annual General Meeting Notice
- The company is seeking shareholder approval to issue up to 500,000,000 shares (pre-consolidation) in a future capital raising.
- The issue price will be no less than 80% of the 5-day VWAP at the time of issue.
- The funds raised are intended for debt repayment, working capital, project development, acquisition costs, and potential new acquisitions.
Capital raise
28 October 2024 5:53 PM
Investor Presentation
- The company has limited cash on hand and may need to raise additional capital to fund its exploration activities.
Delay expected
8 August 2024 4:47 AM
Options Prospectus
- The company experienced delays in issuing the CN Options and Broker Options, which led to an extension of the expiry date to June 30, 2027.
Capital raise
31 July 2024 2:06 AM
Quarterly Report
- OAR successfully raised $1 million through a share placement.
- The company may need to raise additional capital in the future to fund its exploration activities.
Capital raise
31 July 2024 12:16 AM
Results of General Meeting
- Resolution 8 indicates approval to issue shares under Listing Rule 7.1, suggesting a potential future capital raise.
Capital raise
27 June 2024 11:21 PM
Notice of General Meeting
- Resolution 1 seeks Shareholder ratification pursuant to Listing Rule 7.4 for the issue of the Capital Raising Securities.
- The Company is proposing to issue up to 500,000,000 Shares at an issue price of no less than 80% of the 5-day VWAP at the time of issue per Share (Future Issue Shares) to professional and sophisticated investors who are unrelated parties of the Company (Future Capital Raising).
Capital raise
30 April 2024 2:44 AM
Quarterly Report
- The company successfully raised AUD $1 million through a share placement.
- The funds will be used to support environmental studies for uranium EPLs in Namibia and to grow the company's global portfolio.
- The company may need to raise additional capital in the future to fund its operations, given its low cash reserves.
Capital raise
2 April 2024 7:18 PM
Trading Halt Request
- Oar Resources is undertaking a capital raising managed by CPS Capital Group Pty Ltd.
- The details of the capital raising will be announced after the trading halt is lifted.
Capital raise
2 April 2024 6:55 PM
Exploration Update
- OAR will issue 100,000,000 fully paid ordinary shares (Tranche 1 and Tranche 2 Deferred Consideration Shares) to the Vendors (50,000,000 OAR ordinary shares per EPL) subject to confirmation in writing that EPL 9652 and EPL 9725 have both been granted.
- On the 12-month anniversary of EPL 9652 or EPL 9725 being granted, OAR will issue an aggregate of 100,000,000 fully paid OAR ordinary shares (Tranche 3 and Tranche 4 Deferred Consideration Shares) to the Vendors (50,000,000 OAR ordinary shares per EPL).
- Within four (4) years of EPL 9652 or EPL 9725 being granted, should OAR announce a JORC compliant uranium resource of 50M pounds at 100ppm or greater on each EPL, OAR will issue the Vendors 50,000,000 OAR ordinary shares for each EPL (Tranche 5 and Tranche 6 Deferred Consideration Shares).
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