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.