During the quarter ended 30 June 2020, Bowen Coking Coal Limited (ASX:BCB) inked binding agreements with Peabody Pty Ltd to acquire the Broadmeadow East coking coal project, and looks forward to completing the transaction as soon as possible and subsequently make efforts to have the project shovel ready at the earliest.
Moreover, Sumitomo Corporation decided to proceed with the Hillalong Joint Venture, resulting in Sumitomo solidifying a 10% interest in the Project.
BCB completed further environmental assessments during the quarter to ensure adequate coverage of the post wet season conditions at Isaac River Coking Coal Project.
During the quarter, BCB also completed a capital raising to raise a total of $2.25 million before costs.
BCB’s cash at bank stood at $2.4 million at the end of the quarter, including $0.5 million from the July Placement and an additional $1.75 million of placement funds were received by 3 July 2020.
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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)