Bowen Coking Coal Ltd (ASX: BCB) announced a successful $41.5m capital raising
Bowen Coking Coal Ltd (ASX: BCB) has announced an institutional share placement through Petra, which has received commitments of approximately A$41.5m at an issue price of $0.20/share. Funds raised from the placement will be applied towards the acquisition of a 90% interest in the Burton Mine and Lenton Project, to partly fund restart costs at Burton and for working capital and offer costs. The remainder of the funds required for the recommissioning of Burton is intended to be sourced under the debt process currently being facilitated by Grant Samuel.
When an ASX-listed company announces a capital raising, it generally means it is selling more shares to raise money.
More often than not, the shares are sold at a discount to the company’s share price at the time to entice new and existing investors.
Following the announcement, shares in Bowen Coking Coal Ltd traded 13.04% lower at $0.20/share.
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