OAR
Oar Resources Limited
ASX
Results of Annual General Meeting
Sentiment:
Annual General Meeting Results
28 November 2024 11:35 PM
Oar Resources Limited successfully passed all resolutions at its Annual General Meeting, including a name change to Core Energy Minerals Ltd.
Capital raise
Resolution 15 approved the issuance of future capital raising shares.
Summary
- Oar Resources Limited held its Annual General Meeting on 29 November 2024, where all resolutions were passed.
- The company will change its name to Core Energy Minerals Ltd, pending ASIC approval.
- The meeting included resolutions on remuneration, election of directors, and approval of share issues.
- The company is focused on uranium projects in Namibia and Brazil and is exploring expansion options.
Sentiment
Score: 8
Explanation: The successful passing of all resolutions and strategic rebranding indicate positive sentiment and confidence in the company's future direction.
Positives
- All resolutions were passed, indicating strong shareholder support.
- The name change to Core Energy Minerals Ltd reflects a strategic rebranding.
- High approval rates for resolutions suggest confidence in the company's direction.
Risks
- The name change and rebranding may require significant marketing efforts.
- Expansion into new territories may involve regulatory and operational challenges.
Future Outlook
The company is focused on advancing its uranium projects in Namibia and Brazil and is considering expansion options.
Industry Context
The rebranding and focus on uranium projects align with industry trends towards diversification and exploration in stable jurisdictions.
Next Steps
- Lodge the special resolution with ASIC to effect the name change.
- Continue focusing on uranium projects in Namibia and Brazil.
- Explore options to expand the company's land position.
Key Dates
- 29 November 2024: Date of the Annual General Meeting where all resolutions were passed.
Keywords
Oar Resources Limited, Core Energy Minerals Ltd, Annual General Meeting, resolutions, name change, uranium projects, shareholder approval
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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