Allegiance amends New Elk agreement

ASX-listed Allegiance Coal has struck an agreement with Cline Mining Corporation to accelerate the completion of the New Elk hard coking coal project acquisition, amending the terms of the original understanding. Allegiance on Friday said that the up-front cash payment required has now been reduced from $8-million to $3-million, while Cline has also waived the condition precedent requiring Allegiance to raise the mine startup capital.