- Boss Resources (BOE) has received firm commitments for a placement to raise $15 million from domestic and international investors
- Around 225 million shares will be issued at 6.7 cents, representing a 9.9 per cent discount the five-day volume-weighted average price
- Boss directors will also participate in the placement for an additional $225,455 subject to shareholder approval
- Funds raised will be used for optimisation studies at the Honeymoon Uranium Project, exploration activities and maintenance costs
- Shares in Boss Resources closed 6.94 per cent lower on the market, trading for 6.7 cents
Boss Resources (BOE) has received firm commitments for a placement to raise $15 million from domestic and international investors.
Under the placement, around 225 million shares will be issued at 6.7 cents, representing a 9.9 per cent discount the five-day volume-weighted average price.
Boss directors will also participate in the placement to raise an additional $225,455, subject to shareholder approval, which will be discussed at the upcoming annual general meeting.
On September 25, the company announced it planned to evaluate the replacement of the existing solvent extraction columns to the NIMCIX IX system for its Honeymoon Uranium Project. The new system would increase Honeymoon’s production levels while reducing costs. Boss ordered an enhanced feasibility study which will incorporate these possible energy and cost savings.
Funds raised from the placement will be applied to these IX process optimisation studies, exploration activities and maintenance costs.
Boss Resources Managing Director and CEO Duncan Craib said the company is pleased with the strong demand from existing and new domestic and international investors for the placement.
“Proceeds from the placement secures the company’s first mover advantage as we progress our enhanced feasibility study and continue towards a Honeymoon re-start decision” he said
Shares in Boss Resources closed 6.94 per cent lower on the market, trading for 6.7 cents.