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Bounty Mining looks to raise A$14M to A$18M in IPO

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Bounty Mining looks to raise A$14M to A$18M in IPO

Australian coal miner Bounty Mining Ltd. seeks to raise between A$14 million and A$18 million at 35 cents apiece in an IPO to list on the ASX, based on its prospectus filed to potential investors.

The offering, set to close May 30, will value the company at between A$118.5 million and A$122.5 million. The IPO is offering up to 14.7% of the company's issued equity.

Earlier this month, The Australian Financial Review's Street Talk blog reported that U.S.-based XCoal Energy & Resources LLC was set to take about a 10% stake in Bounty Mining.

In late 2017, Bounty Mining acquired the Cook colliery and Minyango coal projects in Queensland, Australia, from Caledon Coal Pty. Ltd. and Blackwater Coal Pty. Ltd. for A$31.5 million, as well as assets related to the Cook colliery that remained the property of Glencore PLC unit Cook Resource Mining Pty. Ltd. for A$10 million in deferred payments.