Australia's Bowen Coking set for worst day in 4 months on discounted placement

Bowen Coking Coal

21/10/2022 03:37

** Shares of Bowen Coking Coal  BCB.AX  slump as much as 16%
to A$0.315, set for their worst day since June 21, if losses
hold 
    ** The coal producer says it has raised about A$85 mln 
($53.30 mln) via a two-tranche placement  urn:newsml:reuters.com:*:nFWN31L4DG
    ** Co says capital raised will be used to fund
infrastructure guarantees and prepayment, growth and working
capital
    ** Issue price of A$0.30 per share represents a 20.0%
discount to the last traded price on Oct 18
    ** Shares hit lowest since Aug 16 
    ** Bowen Coking stock up more than twofold this year, as of
last close
    ($1 = 1.5946 Australian dollars)
 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))