- 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
