AFR: Bowen Coking Coal launches $76m equity raise

Queensland coal group Bowen Coking Coal is seeking to capitalise on investor interest in coal stocks, launching a $76 million equity raising on Wednesday morning.

Stockbrokers Petra Capital, Shaw and Partners, and Morgans were offering shares into the placement at 30¢ a pop. The pricing was a 20 per cent discount to the last close and 17.3 per cent lower than the 10-day volume weighted average price.

The goal was to raise about $76 million and there was room for oversubscriptions.

The raise comes less than one week after the company presented its September quarter report to investors. Bowen Coking Coal said it had completed its acquisitions of the Burton Mine and Lenton Project, in Queensland, and mined its first coal at its Broadmeadow East site at the Burton complex.

Bowen Coking Coal shares closed at 38¢ on Tuesday, to be up nearly 130 per cent for the year to date.

Extract Source: The Australian Financial Review