OAR
Oar Resources Limited
ASX
Notice of Annual General Meeting/Proxy Form
Sentiment:
Annual General Meeting Notice
29 October 2024 10:00 PM
Oar Resources Limited (ASX: OAR) will hold its Annual General Meeting on November 29, 2024, to consider financial statements, director elections, a 10% placement capacity increase, and significant share issuances, including a potential 500,000,000 share capital raise and a 20:1 share consolidation.
Capital raise
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.
Summary
- Oar Resources Limited's Annual General Meeting (AGM) will be held on November 29, 2024, at 11:30 am AWST.
- The AGM will cover the annual financial report for the year ended June 30, 2024.
- Shareholders will vote on the adoption of the remuneration report, which is advisory only.
- Christopher Wiener's election and Anthony Greenaway's re-election as directors will be considered.
- A special resolution will seek approval for a 10% increase in placement capacity under Listing Rule 7.1A.
- Shareholders will vote on several resolutions to approve the issuance of options and shares to various parties, including related parties and service providers.
- A significant proposal involves issuing up to 500,000,000 shares (pre-consolidation) for future capital raising.
- A 20:1 share consolidation is proposed to simplify the company's capital structure.
- The company's name change to Core Energy Minerals Ltd. will be voted on.
- Shareholders are encouraged to submit questions in advance by emailing info@oarresources.com.au by November 27, 2024.
Sentiment
Score: 6
Explanation: The document presents a mixed outlook. While the company is actively pursuing growth through capital raising and strategic initiatives, the significant share issuances and potential dilution pose risks. The overall sentiment leans slightly positive due to the proactive approach to funding and development, but the inherent risks associated with capital raises and market conditions temper the score.
Positives
- The AGM provides an opportunity for shareholders to review the company's performance and ask questions.
- The proposed 10% increase in placement capacity offers greater flexibility for future capital raising.
- The proposed share consolidation simplifies the company's capital structure.
- The proposed name change better reflects the company's future operations.
Negatives
- Significant share issuances could dilute existing shareholders' holdings.
- The large number of resolutions requires careful review by shareholders.
Risks
- The success of future capital raising is dependent on market conditions.
- Shareholder approval is required for all significant share issuances and the name change.
- The proposed share consolidation may have tax implications for some shareholders.
Future Outlook
The company intends to use funds raised from future capital raising for exploration, project development, debt repayment, general working capital, and potential acquisitions.
Management Comments
- Shareholders are encouraged to submit questions in advance of the Meeting.
- The Directors (other than each Related Party who has a material personal interest in each relevant Resolution) consider that Shareholder approval pursuant to Chapter 2E of the Corporations Act is not required in respect of the grant of Related Party Shares because the agreement to issue the Related Party Shares in lieu of directors fees payable to the Related Parties as at 18 October 2024 is considered reasonable remuneration in the circumstances and was negotiated on an arms length basis.
- The Board proposes this change of name on the basis that it believes the proposed name more accurately reflects the future operations of the Company.
Industry Context
This announcement reflects the ongoing activity in the resources sector, with companies seeking capital to fund exploration and development projects. The proposed share consolidation and capital raise are common strategies employed by companies in this sector to optimize their capital structure and fund growth initiatives.
Next Steps
- Hold the Annual General Meeting on November 29, 2024
- Consider and vote on resolutions related to financial statements, director elections, placement capacity, share issuances, share consolidation, and name change
- Issue shares and options to various parties following shareholder approval
- Implement the 20:1 share consolidation if approved
- Change the company name to Core Energy Minerals Ltd. if approved
- Undertake future capital raising if approved
Key Dates
- June 30, 2024: End of financial year
- October 8, 2024: Christopher Wiener appointed as additional director
- October 18, 2024: Date used for dilution calculations in the 7.1A Mandate section
- October 30, 2024: Notice of Annual General Meeting issued
- November 27, 2024: Deadline for submitting questions to management and proxy voting instructions
- November 29, 2024: Date of Annual General Meeting
- December 2, 2024: Last day for pre-Consolidation trading
- December 3, 2024: Post-Consolidation trading commences
- December 4, 2024: Record Date and last day for pre-Consolidation share transfers
- December 5, 2024: First day for updating the share register to reflect post-Consolidation holdings
- December 11, 2024: Last day for updating the share register and notifying ASX of the consolidation
- May 27, 2027: Expiry date for options
Keywords
Share Consolidation, Capital Raising, Annual General Meeting, Oar Resources Limited, ASX:OAR, Share Issuance, Director Elections, Corporate Governance, Placement Capacity, Financial Report
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).
Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.