- Bowen Coking Coal (BCB) begins the week in a trading halt while regarding a capital raising and acquisition
- The company will remain in the halt until August 4 or when more details regarding the raise and acquisition are released, whichever occurs first
- This announcement follows Bowen’s June quarterly which revealed the company completed drilling at the Broadmeadow East Project
- The company also announced it had begun drilling at its Hillalong Project to try define new resources and extend the existing resource
- Shares in Bowen last traded at 8.5 cents on July 30
Bowen Coking Coal (BCB) has begun the week in a trading halt regarding a capital raising and acquisition.
The company will remain in the halt until August 4 or when more details regarding the raise and acquisition are released, whichever occurs first.
Bowen is yet to disclose how much it intends to raise or who or what it will be acquiring.
In its June quarterly, Bowen announced it had completed a coal quality drilling program at its Broadmeadow East Project.
The results showed the flexibility of the resource to produce a high quality or high yield primary coking coal product.
Bowen also used the quarter to begin drilling at its Hillalong Project to try to define new resources and extend the existing resource.
In regards to its finances, Bowen spent $634,000, with the majority going towards administration and corporate costs.
The company also invested just over $1.2 million in exploration and evaluation.
As of June 30, Bowen had nearly $3 million in total available funding, representing 1.6 quarters if spending levels remain in the same.
This hasn’t fazed the company as it is confident in its ability to raise capital.
Shares in Bowen last traded at 8.5 cents on July 30. The company has a $83.16 million market cap.