Shaw and Partners is pleased to be appointed as Joint Lead Manager to the proposed capital raising by Bowen Coking Coal Ltd (ASX.BCB)
The company is proposing to raise approximately A$40.0 million by way of a single tranche Placement of approximately 235.3 million new ordinary fully paid shares issued at $0.17 per share with management reserving the right to take oversubscriptions.
The company is also undertaking a fully underwritten Share Purchase Plan to raise A$10.0 million.
The offer price of $0.17 per share represents:
▪ 22.7% discount to the last traded price of A$0.220
▪ 23.1% discount to the 5-day VWAP of A$0.221
▪ 21.1% discount to the 15-day VWAP of A$0.215
Proceeds would be used primarily for a box cut into Ellensfield South.
Bowen Coking Coal Ltd is a coking coal exploration and development company based in the Bowen Basin in Queensland. The company’s assets include Bluff (100%), Broadmeadow East (100%), Isaac River (100%), Lenton (90%), Burton (90%) Cooroorah (100%), Hillalong (85%) and Comet Ridge (100%).
The offer is available to Australian Sophisticated and Professional Investors only.
For more information, please speak to your Shaw and Partners Adviser.
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