That 30c a share issue price was 18% above the last traded price of Bounty shares of 25.5c apiece.

While the bulk of the money will go towards fleet purchases, some will be used for working capital, which has been eroded due to several delays.

Delays in approvals for continuous mining and in the delivery of the shuttle cars impacted production, as did an unscheduled review of its continuous miner operations.

That review was called by the Queensland Mines Inspectorate in the wake of the North Goonyella mine fire.

Bounty bought the troubled Cook Colliery in Queensland on December 8 and set about changing the mining approach there.

Cook's previous owners had installed a longwall and when water that had built up in the workings above it broke through, mining had to be suspended.

Bounty decided the longwall approach was unsuitable for Cook and set about re-establishing the mine as a bord and pillar operation operating four separate panels.

It set about bringing in continuous miners, however, given the heat that is back in the coal market at the moment, it had to make do with a smattering of Joy, Eickhoff and Sandvik gear.

Bounty chairman and CEO Gary Cochrane said the company would look to develop a more consistent mining fleet.

"The Cook Colliery is targeting better utilisation and lower costs with the new equipment strategy," he said.

"Now that the equity raising has been completed and sumping [continuous mining] has resumed, Bounty is in a stronger position to continue to optimise productivity and mine expansion.

"Hard coking coal prices and the Australian dollar remain favourable.

"The current realised price for Cook hard coking coal is averaging around A$230 per tonne."

Over the coming days Bounty will have six operating electric trucks underground that will allow for full operation of its continuous miner fleet.

Production at Cook is targeting 2500t per day with all four panels fully operational.

Bounty wants to achieve a 1 million tonne per annum run-of-mine production rate as soon as possible and its board believes the raising has given it the funds to do that.

Xcoal committed $7 million to the raising and now has a 16% shareholding in Bounty through its associated investment vehicles.

Its investment vehicles have nominated Craig Garson as a non-executive director of Bounty.

On other staffing matters, Bounty general manager Adam Foulstone has been replaced by Francoise Mienie as acting general manager until a full-time replacement can be recruited.

Mienie has experience as a bord and pillar mining manager and has worked in underground mines in South Africa, New Zealand and Australia.

Foulstone was appointed at a time of rapid expansion and ramp-up at Cook Colliery.