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BOSS ENERGY LTD — Capital/Financing Update 2011
Oct 6, 2011
64549_rns_2011-10-06_27560ec4-8968-495b-a881-2c9eee1add13.pdf
Capital/Financing Update
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7[th] October 2011
ASX / MEDIA ANNOUNCEMENT
BOSS PLACEMENT TO RAISE $2.5 MILLION TO FAST‐TRACK EXPLORATION IN BURKINA FASO
Boss Resources Limited (ASX: BOE) is pleased to announce that it has received firm commitments for a $2.508 million (before costs) Placement of securities to fund and fast‐track exploration programs at its Golden Hill and Gourma Projects in Burkina Faso.
The Placement of 41.8 million shares at an issue price of 6 cents each together with 41.8 million Attaching Options will be undertaken in two tranches with the first tranche of 19,991,667 shares and Attaching Options raising $1,199,500 being undertaken within the Company’s 15% share issue capacity, while the second tranche of 21,808,334 Shares and Attaching Options raising a further $1,308,500 is to be completed following refreshment of the Company’s 15% share issue capacity at the Annual General Meeting in late November.
The Attaching Options will be unlisted, exercisable at 12 cents per share and will expire 2 years after date of issue.
Funds raised will be utilised in furthering Boss’ exploration programs in Burkina Faso and for working capital purposes.
The Placement has been completed in accordance with Section 708 of the Corporations Act to clients of Indian Ocean Capital and various sophisticated investors. A 5% fee will be paid on funds raised.
It is anticipated that the first tranche of Shares and Attaching Options will be completed with securities issued in the coming week.
Managing Director, Leigh Ryan, commented in relation to the Placement “Boss is extremely pleased with the overwhelming level of demand for the Placement notwithstanding the current difficult market conditions. The Company is excited to commence its maiden drill program at its Golden Hill Project in the Houndé Greenstone Belt of Burkina Faso and will update the market with further details of the program in due course.”
For further information please contact:
Leigh Ryan, Managing Director: +61 (0)427 093 043 Robert Grover, Chairman: +61 (0)417 981 437
Boss Resources Limited is a gold and oil shale exploration company focussed on increasing shareholder and other stakeholder wealth by exploring for and developing quality mineral resources. Evaluation and acquisition of additional highly prospective projects in West Africa, especially in Burkina Faso, and the development of an oil shale processing facility in Tasmania is seen as critical to the growth of the company.