Oar Resources’s Capital Raising To Advance Uranium Project

Oar Resources Ltd (ASX: OAR) has secured further investor support to advance its global exploration portfolio by raising A$1 million via a share placement.

The funds will be used to advance exploration activity at two newly acquired licences in Namibia and initiate on-ground rare earth elements (REE) and uranium exploration in Brazil.

OAR enhanced its funding position by placing the shares at an issue price of A$0.002 to new and existing sophisticated investors and shareholders.

Environmental study in Namibia

The capital raised will ensure OAR is well funded to advance the completion of due diligence across EPL 9652 and 9725, located in the Erongo Region of Namibia in Africa.

Importantly, the capital raised will aid OAR in facilitating an environmental study to secure an Environmental Clearance Certificate.

Funds will also allow the company to accelerate exploration planning and activity across the EPLs (Exclusive Prospecting Licences), including fieldwork and planning for a potential maiden drilling program.

Globally recognised uranium jurisdiction

The two EPLs are located in a globally recognised uranium jurisdiction which is the world’s third-largest producer of the in-demand heavy metal.

The EPLs share boundaries with Deep Yellow Ltd’s (ASX: DYL) highly prospective Tumas Project and the world-class Etango Project owned by Bannerman Energy Ltd (ASX: BMN).

OAR Resources CEO Paul Stephen said: “The acquisition in Namibia is significant, with both EPLs located close to a well-known uranium-enriched structural corridor and considered prospective for multiple styles of uranium mineralisation.”

OAR is also advancing the Sao Jose Uranium and REE Project and the Tunas REE Project in Brazil, covering a total of 230 square kilometres.

The company has started early-stage geological mapping and reconnaissance work on these projects.

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