Australia's Bowen Coking Coal falls on discounted placement

Bowen Coking Coal

17/02/2022 04:40

** Shares of coking coal exploration co Bowen Coking Coal
 BCB.AX  slide as much as 12% to A$0.203, their worst intraday
percentage drop since Jan. 25
    ** Co raises A$41.5 mln ($29.81) via placement at an issue
price of A$0.20 per share  urn:newsml:reuters.com:*:nASX6jBP5d
    ** Issue price represents a 13% discount to BCB's last
closing price
    ** Co says funds raised will be used for the acquisition of
a 90% interest in the Burton Mine and Lenton Project in
Queensland
    ** Shares hit their lowest since Feb. 7
    ** At about 8.9 mln shares, volumes are 2.7 times the 30-day
average of 3.3 mln shares
    ** As of last close, stock up 31.4% this year

($1 = 1.3922 Australian dollars)

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