Bowen Coking Coal (ASX:BCB) has raised $40M in a share placement and announced a fully underwritten $10M share purchase plan at $0.17 per share to fund its Burton capital expenditure.
The company is seeking to fund a revival of the mining operation, after having acquired the closed facility from Peabody Energy last January.
It said the capital raising will enable Bowen to continue its growth and develop the Ellensfield South pit.
Following the announcement, shares of Bowen Coking Coal were unchanged at $0.22.