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- Bowen Coking Coal (BCB) enters a mid-week trading halt pending an upcoming capital raise
- The company will remain in the trading halt until the earlier of Friday, October 21, or when it releases an announcement with more information regarding the raise
- In its recently-released quarterly report, Bowen revealed net negative operating cashflow of $36.6 million
- As of September 30, Bowen had nearly $74.5 million in total available funding, representing 2.01 quarters of use if spending levels remain the same
- Shares in Bowen last traded at 37.5 cents on October 18
Bowen Coking Coal (BCB) has entered a mid-week trading halt pending an upcoming capital raise.
The company will remain in the trading halt until the earlier of Friday, October 21, or when it releases an announcement with more information regarding the raise.
Bowen is yet to disclose how much it intends to raise or for what it will use the money once received.
In its recently-released quarterly report, Bowen revealed net negative operating cashflow of $36.6 million.
The company also invested $30.74 million, with $24.25 million of that going to non-current assets.
As of September 30, Bowen had nearly $74.5 million in total available funding, representing 2.01 quarters of use if spending levels remain the same.
Bowen last tapped investors for cash in February when it raised $41.5 million via a share placement.
The money was raised through the issue of around 207.4 million new shares to institutional investors at 20 cents per share.
Shares in Bowen last traded at 37.5 cents on October 18. The company has a $580 million market cap.
