- Oar Resources receives firm commitments to raise $1.5 million via a share placement to execute the next phase of exploration at its gold and battery metal projects
- The placement price is set at 0.5 cents per share with investors to receive one free attaching option for every two shares subscribed in the placement
- Each option has an exercise price of 1 cent with an expiry date of three years from date of issue
- The funds raised will be utilised to advance exploration programs at OAR’s core projects, including recommencing drilling at the Douglas Canyon Gold Project in Nevada this month
- Shares in Oar are trading flat at 0.6 cents
Oar Resources has received commitments to raise up to $1.5 million via a share placement to fund a number of core exploration projects.
The placement price is set at 0.5 cents per share, with investors in the placement to receive one free attaching option for every two shares subscribed in the placement.
Each option has an exercise price of 1 cent with an expiry date of three years from the date of issue.
Brokers who support the placement will be issued with 60 million options on the same terms as the placement options, subject to shareholder approval and new placement shares will rank equally with existing shares on issue.
The funds will go into funding the drilling recommencement at the Douglas Canyon Gold Project in Nevada which will include extending the company’s exploration mapping program into its expanded project tenure at an interpreted strike of less than 2.5 kilometres.
Funds will also be allocated for ongoing fieldwork at the Crown Nickel-Copper PGE Project in Julimar District in Western Australia, including an airborne geophysical survey over priority target areas in the Eastern Domain of the Project.
Oar’s Managing Director Justin Richard says that he is “looking forward” to reporting the results of these activities throughout the coming months.
“In light of recent market conditions and the Company’s immediate plans, this funding option provides an effective path to implementing the next phase in our exploration programs without delay,” he said.
Shares in Oar are trading flat at 0.6 cents at 11:20 am AEDT.