Boss closes $2.5m IPO

NEDLANDS-BASED oil company, Boss Energy Ltd, this week closed its initial public offer, which aimed to raise $2.5 million for the acquisition and exploration of an oil shale project in Tasmania. The company, which issued 12.5 million shares at 20 cents each, will also allow for oversubscriptions for up to five million shares to raise a further $1 million. Boss will also issue a further 2.5 million shares to Daley Resources Pty Ltd, which has Malcolm Macleod as its sole director, at 10 cents each to finalise the acquisition of the Latrobe exploration licence, along with a further payment of $250,000. The company also flagged its intention to undertake an entitlements issue of options to shareholders about three months after its shares are quoted on the ASX. The options are intended to be offered at one cent each, on the basis of one option for every four shares held on the record date. The options will be exercisable at 20 cents per share and will expire on November 30 2010. The company is chaired in an executive capacity by former Redport Ltd director Robert Grover, who also serves on the board of Contact Resources Ltd and Cervantes Seafood Ltd. -Andrew Hobbs

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