Bounty Mining Limited (ASX:B2Y) announced a private placement for 34,333,333.33 common shares at a price of AUD 0.30 per share for gross proceeds of AUD 10,300,000 on October 22, 2018. The shares are issued at 18% premium. The transaction included participation from returning investor XCoal Energy & Resources, LLC for AUD 7,000,000 and existing investors. Post-closing of the transaction, XCoal Energy & Resources, LLC holds 16% stake in the company. As part of the transaction, Craig Garson QC of XCoal Energy & Resources, LLC has joined the company’s board of directors.