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Oar Resources Completes Small Share Parcel Sale Facility

31 August 2023 10:40
ASX: OAR

Oar Resources Limited (ASX:OAR) has successfully concluded its Small Share Parcel Sale Facility, a strategic step designed to enhance operational efficiency and minimise corporate costs, reinforcing the Company’s dedication to focusing on core mining operations and allowing shareholders to divest smaller shareholdings, as outlined in the announcement made on June 26, 2023.

The Purpose and Mechanics of the Facility

The primary objective of the Small Share Parcel Sale Facility was to consolidate the Company’s shareholder base and minimise administrative and corporate costs.

Under this initiative, shareholders with holdings of 166,666 Shares or less were eligible to participate. Based on the Company’s share price of $0.003 as of the Record Date (23 June 2023), these holdings were considered “Small Share Parcels.”

A total of 1,598 shareholders embraced this opportunity, collectively accounting for 117,696,730 shares, to take part in the Facility. These shareholders opted to sell their shares at an average price of $0.0049 each, through the Company’s appointed Broker, GBA Capital.

Cost Efficiency and Administrative Streamlining

The successful implementation of the Small Share Parcel Sale Facility yields a twofold benefit for Oar Resources. Firstly, by reducing the number of shareholders by 1,598, the Company substantially streamlines its administrative processes. Fewer shareholders translate to reduced communication and operational efforts related to reporting, governance, and general administration.

Secondly, with a more consolidated shareholder base, OAR can more effectively allocate resources to strategic initiatives and growth-oriented projects. The cost savings achieved through this reduction in administrative complexity can be redirected toward advancing the Company’s exploration and development activities, ultimately driving long-term value for shareholders.

Company Overview

The Company is committed to building a diverse portfolio of fully-owned battery and critical minerals assets. Notable among these is the Crown Nickel-Copper-PGE Project located in the Julimar district of Western Australia. This project’s proximity to Chalice Mining’s Julimar discovery positions OAR strategically within a promising exploration region.

Moreover, OAR holds a portfolio of 100%-owned gold exploration projects in Nevada, United States, an area renowned for hosting substantial gold deposits. The Company’s subsidiary, Ozinca Peru SAC, also owns a modernised gold lixiviation plant that serves the needs of small gold mining operations in Southern Peru.

Understanding the Share Price Dynamics

It’s crucial for participating shareholders to recognise that the price received for their shares through the Facility may differ from the price reported in news sources or quoted by ASX on any given day.

This variation in price can be attributed to market fluctuations and the specific timing of the share sale.

OAR’s Australian Stock Exchange-listed share price is currently selling at 6 cents (10:30am UTC+ 8 hours).

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