Australia's Bowen Coking Coal falls on discounted equity raising

Bowen Coking Coal

03/11/2023 03:46

** Shares of coking coal company Bowen Coking Coal  BCB.AX 
fall as much as 14.6% to A$0.094 - their lowest since Aug. 29
    ** Co completes A$50 mln ($32.16 mln) equity raising to fund
ramp-up of mining at Ellensfield South Pit in Queensland
    ** Equity raising includes A$33 mln 1-for-6 entitlement
offer and A$17 mln institutional placement
    ** Both placement and entitlement offer at offer price of
A$0.090 - 18.2% discount to stock's last closing price
    ** More than 16.3 mln shares change hands, 3.4 times the
30-day avg of about 4.8 mln shares
    ** As of last close, stock down 66.7% this year


($1 = 1.5550 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))