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Bowen Coking Coal Limited (ASX:BCB) operates as a mineral exploration company. The Company explores, acquires, and develops a portfolio of coking coal projects. Bowen Coking Coal serves its services in Australia.
The company, today on 18 March 2019, updated that it has conducted a capital raising according to an offer made to Sophisticated and Professional investors. Firm commitments have been received for 82,340,453 ordinary fully paid shares at an issue price of $0.021 per share to raise a total of approximately $1.7m before costs (the âPlacementâ).
This placement was very well supported by existing institutional shareholders and many new investors with a long history in the Queensland coal industry. As a result, the offer was oversubscribed and completed at an issue price representing a 5% premium to the last traded price of $0.02.
Furthermore, the Companyâs Chairman Mr Neville Sneddon and entities associated with Non-Executive Director Mr Nick Jorss have applied to participate in the Placement for $50,000 and $152,850 respectively. Accordingly, the shares to be issued to Mr Sneddon and Mr Jorss (or their associated entities) as part of the Placement are subject to shareholder approval at a General Meeting to be called as soon as possible.
Bowenâs Managing Director, Mr Gerhard Redelinghuys commented that for the Placement to be oversubscribed is an excellent endorsement of the Companyâs high-quality coking coal portfolio and growth potential. The addition of some new investors with an excellent working knowledge of the coking coal industry is further testament to the Companyâs great potential.
He further stated that the Company intends to apply the funds raised towards fast-tracking the proposed drilling and environmental studies at the Companyâs Isaac River project. As previously announced, the Project is drill ready and awaits only the availability of the drill rig to commence drilling. The Company also plans to begin its first drill program at the highly prospective Hillalong Coking Coal Project to target shallow sub-cropping coal seams from the Rangal Coal Measures.
The Placement will be completed using the Companyâs placement capacity under Listing Rule 7.1 (56,154,272 shares) and Listing Rule 7.1A (26,186,181 shares). Settlement of the Placement (other than the shares to be issued to Mr Sneddon and Mr Jorss) is expected to take place on or before 22 March 2019, with the shares to be issued as soon as possible after settlement.
On the price-performance front, the stock has posted returns of 25%, & 17.65% over the past six, & one-month period respectively. At the time of writing (18 March 2019, AEST 04:00 PM), the stock of the company was trading at a price of $0.022, up 10% during the dayâs trade with a market capitalisation of ~$ 12.11 Mn. The stock opened the day at $ 0.021, reached the dayâs high of $ 0.023 and touched the dayâs low of $ 0.021, with an average daily volume of ~ 9,589,528. It had a 52-week high price of $ 0.026 and a 52 Weeks low price of $ 0.012, with an average volume of, 2,399,032 approximately.
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