Ann: Executes Coal Off-Take Contract with Marco, page-9

That theory doesn't really explain why Allegiance hasn't yet secured the Marco finance. AHQ is fully entitled to redeem the note so while Collins Street may want to delay that, they can't stop it from happening. It would make sense for Allegiance to have finalised the loan deal already and be ready to pay regardless of any heel-dragging from Collins.

Today's announcement implies some type of 'security documentation' required for the loan is not yet finalised. I don't know exactly what this refers to but it may be some assurance concerning either the status or value of the mine (e.g., assurance from the mine regulator that New Elk is compliant with mine safety requirements and doesn't need expensive remedial works)