- Oar Resources (OAR) ends the week in a trading halt while it plans the details of an upcoming capital raising
- The company will remain in the halt until June 16 or when more details are released, whichever occurs first
- Prior to entering a trading halt, Oar released its financial results for the period ending March 31, 2021
- The company burnt $551,000 in the quarter and ended the period with just over $1 million in total available funding
- Shares in Oar last traded at 1.4 cents on June 9
Oar Resources (OAR) has ended the week in a trading halt, while it plans the details of an upcoming capital raising.
The company will remain in the halt until June 16 or when more details are released, whichever occurs first.
Oar is yet to disclose how much it intends to raise or what it will use the funds for once received.
Prior to announcing it had entered a trading halt, Oar had released its financial results for the period ending March 31, 2021.
The company burnt $551,000 in the quarter with the majority going towards exploration and evaluation.
Oar ended the quarter with just over $1 million in total available funding, representing 1.9 quarters left of use if spending levels remain the same.
This didn’t phase the company however as it stated it expects future exploration and evaluation activities to be lower than the quarter just passed.
Shares in Oar last traded at 1.4 cents on June 9. The company has a $22.81 million market cap.