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Bhushan this morning agreed to take a placement of 1.75 million shares at 32c per share to raise $560,000. The placement brings Bhushan’s holding in Bowen to 19.91%.
In addition, the two companies have entered into a subscription agreement for shares totalling $32 million.
Once approved by shareholders, 50 million shares at 32c and 12.5 million options at 20c over five years will be issued to raise $16 million.
The same deal for the remaining $16 million will apply but issued upon request in $4 million tranches.
Bowen said the investment would fast-track the transformation of the company from an explorer to a producer of coal.
Bowen was trading up 11.11% mid-morning today at 30c after gaining 20% yesterday.
