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.