Published: March 9, 2021 |

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Allegiance Coal has raised A$10-million through a share placement to sophisticated and professional investors, fully funding its New Elk coal mine, in Colorado, through to development.

The latest placement was an extension of the A$15-million capital raise completed in February this year, and would be subject to shareholder approval at the company’s general meeting, scheduled for April.

“We are delighted to have received such strong European institutional investor interest and welcome our new investors, including Deutsche Balaton, to the register. Although we have advanced the US$15 million debt facility, the placement allows us to restart the New Elk Mine without the need for this additional leverage. The board thanks Nebari for its involvement in the company and the New Elk project to date,” said Mark Gray, chairman and managing director.

About Allegiance Coal
Allegiance Coal is a publicly listed Australian company based in Vancouver, BC Canada, and is focused on developing and mining metallurgical coal projects in North America and Western Canada. The company is developing the Tenas metallurgical coal project, located in northwest British Columbia, in partnership with Itochu Corporation. The Tenas Project has a completed definitive feasibility study and is now in the permitting process targeting H2 2022 for the commencement of production. In October 2020, the company completed the acquisition of the New Elk hard coking coal mine, a fully permitted and constructed mine located in southeast Colorado, US. The company is targeting to return the New Elk mine to production in 2021.

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