Oar Resources' $1m capital raise for uranium exploration

Oar Resources Limited (ASX: $OAR) has successfully raised $1 million through a share placement at an issue price of $0.002. The funds will be used to advance acquisition requirements and exploration activity at two newly acquired Exclusive Prospecting Licences (EPL) in Namibia and initiate on-ground Rare Earth Elements (REE) and Uranium exploration in Brazil. The capital raise signifies shareholder support for the strategic expansion and diversification of OAR's global multi-commodity portfolio.

Executive commentary on strategic expansion

We are pleased to welcome new investors onto our share register at an exciting time for the Company as we strategically diversify and expand our portfolio with highly prospective tenements secured around the world. 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. This funding raised by our dedicated shareholders will take us another step closer to commencing initial exploration activity across these recently acquired Namibian tenements, as well as early-stage reconnaissance work at the Company's REE and Uranium Projects in Brazil. We thank our new and existing shareholders for their support, as we advance our global exploration journey, aimed at unlocking high-quality and in-demand resources.

Summary of Oar Resources' capital raise and exploration plans

Oar Resources Limited (ASX: $OAR) has successfully raised $1 million to advance uranium exploration in Namibia and Brazil. The funds will be used to complete the acquisition of Exclusive Prospecting Licences (EPL) in Namibia, develop in-country exploration teams, and expedite exploration planning and activities. Additionally, the capital injection will aid in securing environmental clearance certificates, conducting geological surveys, and advancing the Company's critical minerals focus. The strategic expansion and diversification of OAR's global multi-commodity portfolio signify a positive outlook for the Company's exploration journey, aimed at unlocking high-quality and in-demand resources.