Bounty earlier recommended shareholders accept an offer from major shareholder Amaroo Blackdown Investments.
Qcoal claims its second offer is superior to Amaroo's plan because it will not lead to the dilution of shareholdings and will not require a general meeting for approval.
Bounty chairman Rob Stewart said the Bounty directors were reviewing the revised Qcoal proposal.
"Given Bounty's current commercial arrangement and obligations to Amaroo … and the certainty that the Amaroo proposal provides in the absence of any other more certain and superior offer, the non-interested directors determined the original Qcoal proposal was not superior to the Amaroo proposal due to its highly conditional and uncertain nature," he said.
Bounty is seeking recapitalisation and a A$35 million funding package with its major shareholder Amaroo, which it claims will help it carry out mine improvements and production optimisation at its Cook colliery in Queensland.
The company has also agreed to amend and restate the existing coal offtake agreement with Amaroo's associate, Xcoal Energy & Resources.
In order for Bounty to meet a number of its forthcoming commitments, Bounty's independent directors requested Amaroo extend the termination date under Amaroo's existing working capital debt facility and the loan agreement.
Amaroo has agreed to extend the repayment date to September 30 2019 and subsequently to July 31 2020 on the basis Amaroo retains its status as Bounty's senior secured creditor.
Bounty shares fell 5.4% to 7c, valuing the company at $27 million.