Bowen Coking Coal Ltd (ASX:BCB) has executed binding agreements with a wholly owned subsidiary of US headquartered Peabody Energy Corporation, Peabody Pty Ltd to acquire the Broadmeadow East coking coal project for a total consideration comprising of $1,000,000 in cash plus a royalty of $1/t on coal produced and sold from Broadmeadow East, capped at $1.5m in total royalty.
Moreover, BCB had received binding commitments to raise a total of $2.25 million before costs for 45,000,000 ordinary fully paid shares at an issue price of $0.05 per share. BCB looks forward to utilising the proceeds from the capital raising towards the acquisition and transaction cost of the Broadmeadow East project, related environmental and mining studies, costs of the capital raising and to complement working capital.
There is no one left untouched by the charm of the multibillion-dollar global boom in cannabis. Its glorious journey from a criminalized drug to being used in over 20 countries for treating medical conditions.
No wonder the cannabis stocks are on the edge of a green rush. Don’t miss out on the happenings in the cannabis sector and take advantage of the growth phase of this sector by subscribing to our report on Marijuana stocks in Australia.
Find out the drivers for the rise in cannabis stock rates Even though the cannabis sector is in its growing phase, Australian cannabis stocks have already started to rise actively due to a hastily increasing patient base, and a legislative landscape that is gradually beginning to liberalise.
Outreach and future of cannabis stocks As countries liberalise regulation for medical and recreational use of cannabis, it is predicted that the industry would grow sharply in upcoming years The global cannabis market stands currently at around $8 billion and it is expected that the hemp derived CBD market to hit approximately $22 billion by 2022.
Key Players in the sector Althea Group Holdings Limited (ASX: AGH) and Cann Group Limited (ASX: CAN) are amongst the top players. Other Australia cannabis market players are- MGC Pharmaceuticals Ltd (ASX: MXC), Elixinol Global Limited (ASX: EXL), THC Global Group Limited (ASX: THC), AusCann Group Holdings Limited (ASX: AC8)