Last week Bowen revealed it was considering asset sales including its Isaac River project, stalled its royalty payments, revised its debt terms and had recently put its Bluff mine on care and maintenance.

But coal investors were unphased with the raising fully underwritten.

Bowen said $31 million came from the UK-based Crocodile Capital and Flannery while Mende was new to the register.

Only this week Flannery was lamenting the dire outlook for another of his investments, Tritium, and suggesting it would be better off shifting to the US.

The funding is at least one indication that there is still money available for the coal sector.

Mende has previously invested in companies like Whitehaven and Gloucester Coal. His investment in Bowen would be through Kirmar GmbH, which also holds a 50 per cent stake in AMCI.

Bowen said Mende would be offered a seat on the board in due course.

Bowen, led by Nick Jorss, said the equity would provide it with balance sheet flexibility to fund the ramp up of its Ellensfield South pit until it achieves a steady state of production in the second half of 2024.

The equity was done via an institutional placement of $17 million and a 1 for 6 pro-rata accelerated, non renounceable entitlement offer to existing shareholders to raise $33 million.

The price was 9 cents a share which was an 18 per cent discount to Bowen’s last trading price of 11 cents.

Flannery’s company Ilwella and Crocodile Capital would each enter into an arm’s length sub-underwriting commitment.

Bowen claimed that it has a strategy to deliver combined savings of $1 million a month at its Burton complex.