Bowen seals Bhushan deal

BOWEN Energy has raised $A2.4 million through a revised investment agreement with Bhushan Steel.
Bowen seals Bhushan deal Bowen seals Bhushan deal Bowen seals Bhushan deal Bowen seals Bhushan deal Bowen seals Bhushan deal

Bowen Energy coal tenements. Courtesy Bowen Energy prospectus.

Angie Tomlinson

Bhushan has agreed to subscribe to 7.5 million shares in Bowen at 32c a share.

Bowen agreed that should it wish to develop a number of its coal projects in joint venture with an unrelated third party, Bhushan would get first right of refusal to develop the projects.

Bhushan will have a right to a 90% interest by fully finding the development of EPC930, EPC1014, EPC1085, EPC1001 and EPC1002 through to the mine commissioning stage.

Bhushan will also have the right to an 85% interest in the recently acquired Shotover project if it funds it to mine commissioning.

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