Shaw and Partners is delighted to be appointed as Joint Lead Manager to the proposed capital raising by Bowen Coking Coal Ltd (ASX.BCB)

Bowen is a coking coal exploration and development company based in the Bowen Basin in Queensland targeting over 5Mt ROM coal production by 2024. Bowen recently achieved the first shipment of metallurgical coal from the Bluff Project which moves the company into production for the first time. Bowen also recently announced a funding package to acquire and develop the Burton-Lenton coal complex which will be transformational.

The Company is proposing to raise approximately A$76.0 million by way of a Placement of approximately 253.5 million new ordinary fully paid shares issued at $0.30 per share with management reserving the right to take oversubscriptions.

The offer price of $0.30 per share represents a 20.0% discount to last close of A$0.0.375, a 19.3% discount to 5-day VWAP of A$0.372 and a 17.3% discount to 10-day VWAP of A$0.363.

Bowen will use the net proceeds to fund infrastructure guarantees and prepayments, growth capital and working capital and continue to build on its asset base across the Burton Complex Burton Pits and Lenton Pits (90%), Broadmeadow East Pit (100%),  Bluff PCI Mine (100%), and Isaac River Coking Coal Project (100%).

The offer is available to Australian Sophisticated and Professional Investors only.

For more information about the offer please contact your Shaw and Partners adviser.