Bowen raises $40 million for coal
Bowen Coking Coal has raised $40 million to fund the growth of its Queensland operations.
Coal is likely to shape debate in the upcoming election (File image)
The company will raise a further $10 million from existing investors under a share purchase plan.
Bowen said the funds would go towards its Burton project, including the Ellensfield South pit where “third party logistical delays have impacted near term cash flows”.
It said shipping delays and industry-wide rail constraints had also impacted cash flow.
“However the shipping forecast has significantly improved in the short term with several vessels booked and confirmed for the next four to six weeks,” the company said.
The placement to raise $40 million was done at 17 cents a share, a 22 per cent discount to the last traded price.
