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Allegiance raises cash for New Elk

ASX-listed Allegiance Coal has raised A$15-million through a private placement to sophisticated and professional investors, to fund refurbishment activity at its New Elk coal mine, in Colorado.

The company placed 187.5-million new shares, at a price of 8c each, representing a 15.8% discount to its last closing price and a 19.5% discount to its five-day volume weighted average share price.