Bowen Coking Coal preps $50m cash call Corporate02 Nov 2023

Bowen Coking Coal is set to launch a $50 million equity raise on Thursday morning with backing from coal billionaire Hans Mende, Street Talk can reveal.


It is understood the company had its brokers, Petra Capital and Shaw and Partners, crossing investors on Tuesday. The pricing had settled at 9¢ a share or an 18.2 per cent discount to the last close.


The deal is expected to be covered at launch by Bowen Coking Coal’s existing shareholders and mining specialists. It is backed by Crocodile Fund UK, Flannery family’s Illwella and Matt Latimore’s M Resources.


Of note, Mende would join the company’s register. Dubbed the “godfather of Australian coal”, the German-born billionaire has made several Australian bets in the past via his AMCI Group including Felix Resources, Whitehaven Coal, Gloucester Coal and Aquila Resources. He also had a stake in Australian Pacific Coal, where Matt Latimore’s M Resources and his backers succeeded in defeating rival bidder Nathan Tinkler last year.


The company has said it is pursuing liquidity options as it works through its Burton complex. And on Wednesday, it upgraded its coal reserve estimate for the Lenton coal deposit – part of the Burton complex – by 18 per cent for marketable coal.


The raise comes just five months after Bowen tapped equity capital markets for $50 million at 17¢ a share.

 

Related Articles
Corporate14 Feb 2024 Shaw and Partners appointed as Joint Lead Manager to the ANZ Capital Notes 9 offer
Shaw and Partners is pleased to be appointed as Joint Lead Manager to the ANZ Capital Notes 9 offer.   Australia and New Zealand Banking Group (ASX: ANZ) has today launched an offe... Read More
Corporate20 Dec 2023 Shaw and Partners appointed Sole Lead Manager to a block trade in Gentrack Ltd
Shaw and Partners was pleased to act as Sole Lead Manager to a block trade in Gentrack Ltd (Global) shares on Tuesday afternoon. Approximately 10.3 million shares (~10% of shares ... Read More
Corporate20 Nov 2023 Shaw and Partners appointed as Joint Lead Manager to the Westpac Capital Notes 10 Offer
Westpac Banking Corporation (ASX: WBC) has today launched an offer for Westpac Capital Notes 10 (expected ASX Code: WBCPM), to raise $750 million, with the ability to raise more or... Read More
Corporate05 Nov 2023 Chrysos Corporation prepares $75m equity raising, hires Shaw and Partners
Chrysos Corporation, a gold sample testing company making inroads with technology that is disrupting the industry, is preparing to raise equity and has hired Barrenjoey Capital Par... Read More
A - Z  % Change  
{{data.Symbol}} {{data.CompanyName}} {{data.Close}} {{data.AsAt | date :'shortTime'}} {{data.Movement | number : 2}} {{data.MovementPercent | number: 2}}%