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Bounty Mining completes A$18M IPO on ASX

Bounty Mining Ltd. was admitted on the ASX after raising A$18 million in an IPO on June 15, it said in a same-day release.

The Australian coal miner issued 51,428,571 shares at 35 cents apiece.

The company's shares will start trading on the exchange under the ticker MNG, effective June 19.

Earlier in May, the company aimed to raise between A$14 million and A$18 million in its IPO, with the offering expected to value it at between A$118.5 million and A$122.5 million.

The 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 associated assets, as well as the Minyango coal projects, in Queensland.