OAR Resources Limited (ASX:OAR) entered into binding agreement to acquire Exclusive Prospecting Licences 9652 and 9725 in Erongo from BullRun Capital Inc., Cityscape Asset Trust and Impalac Consulting for CAD 0.79 million on April 3, 2024. The consideration consists of CAD 0.13 million in cash and CAD 0.66 million in common equity in earnout related payments. As part of earnout payments, OAR Resources will issue 100 million fully paid ordinary shares in Tranche 1 and Tranche 2 deferred consideration shares, followed by 100 million fully paid ordinary shares in Tranche 3 and Tranche 4 on the 12-month anniversary of EPL 9652 or EPL 9725 being granted and 100 million fully paid ordinary shares in Tranche 5 and Tranche 6 within four years of EPL 9652 or EPL 9725 being granted.

The completion of the Namibian Uranium Acquisition is subject to a number of conditions precedent including, completion of due diligence by OAR, the grant of the EPLs, and obtaining OAR shareholder approval in general meeting. The board of OAR Resources has approved the transaction.