FinTechFunding

Allegiance Coal: Raises $7.5M for North American projects

  • Allegiance Coal (AHQ) has successfully completed a share placement and raised $7.5 million
  • More than 150 million shares will now issued to sophisticated and professional investors on November 20
  • Subject to shareholder approval, Directors Mark Graysons and Jonathan Reynolds have respectively subscribed for 2 million and 200,000 shares
  • Allegiance Coal will use the money for its New Elk Mine in Colorado, and to complete the Environmental Assessment Application for the Tenas Project in British Columbia
  • Following the completion of the placement, AHQ well-placed to finalize the steps needed to secure US$25 million (around A$34.5 million) in debt funding
  • Allegiance Coal has ended the day 11.1 percent in the green with shares trading for 6 cents each
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Steve Sam
Steve Sam
Steve Sam is a financial reporter, analyst, and commentator with a strong focus on banking technology, digital payments, and the future of financial services.

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