Allegiance issues note for US coal funds

Canada-based Allegiance Coal has secured up to A$8-million in funding through a convertible note issue to investment fund Mercer Street Global Opportunity Fund.

The ASX-listed company on Friday said that this was the first leg of funding to return the New Elk mine, in Colorado, to production, complete the environmental assessment work necessary to lodge an application for an environmental assessment certificate, and to provide general working capital.