Bowen Coking Coal Executes Agreement to Acquire Broadmeadow East coking coal project, Receives Commitments to Raise $2.25 million

  • Jun 24, 2020 AEST
  • Team Kalkine

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.

 


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