- Bowen Coking Coal (BCB) has raised $3 million in additional capital via a recent capital raise
- The Queensland-based explorer first announced plans to raise more money last week, when it places its shares in a trading halt
- BCB has since announced it will carry out a placement for investors, with shares priced at 5 cents each
- The company said it will use the funds to accelerate its Broadmeadow East development program
- Shares in BCB have begun trading again since the cap raise announcement, currently worth 5.1 cents each and 7.27 per cent in the red
Bowen Coking Coal (BCB) has raised an additional $3 million in capital via a recent equity raise.
The Queensland-based explorer first announced plans to raise more money last Thursday, when it placed its shares in a trading halt.
The company has now released the details of the capital raise, revealing it's planning to tap investors for fresh cash via a share placement.
The new shares on offer are worth 5 cents each, a 9.1 per cent discount to the last closing price of 5.5 cents.
Petra Capital will act as sole lead manager and bookrunner for the placement, with over 60 million shares offered to investors.
Speaking on the capital raise, Bowen Coking Coal Managing Director & CEO, Gerhard Redelinghuys, said the placement has been well received.
"We are delighted with the support for the placement and welcome a number of new institutional investors to the register," he said.
Bowen has already flagged using the additional funds to accelerate its newly-acquired Broadmeadow East development program.
The explorer wants to test for a potential extension of the existing 33Mt Resource at Broadmeadow and conduct further coal quality analysis.
BCB is also planning to advance mine planning and environmental approvals to fast-track opencut production at the Broadmeadow East mining lease.
It'll pursue this in conjunction with the permitting process for Isaac River.
Shares in BCB have begun trading again, following the release of the capital raise details.
Bowen Coking Coal is currently down 7.27 per cent, with shares worth 5.1 cents each at 3:12 pm AEDT.