Australia's Bowen Coking Coal slumps on discounted capital raising

Bowen Coking Coal

06/06/2023 01:37

** Shares of Bowen Coking Coal Ltd  BCB.AX  plunge as much
as 25% to A$0.165, their lowest since Jan 28, 2022
    ** Co announces successful completion of a A$40 mln ($26.46
mln) share placement
    ** Issue price of A$0.17 per share represents a 22.7%
discount to the last traded price on June 1
    ** BCB was placed on a trading halt on June 2, pending
announcement regarding the capital raising 
    ** Stock posts its biggest intraday pct fall since June 21
    ** More than 2.4 mln shares change hands, vs the 30-day
average volume of 1.8 mln shares
    ** Stock down 33.3% this year, as of last close

    ($1 = 1.5119 Australian dollars)

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))