2 December 2022
RE-ACQUIRES 100% INTEREST IN TELKWA COAL
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Allegiance Coal Limited (Allegiance) wishes to advise that Itochu Corporation (Itochu), who held 10.1% of the shares in Telkwa Coal Limited (TCL), has sold its shares in TCL to Allegiance for a non-material consideration. As a result of this transaction,Itochu’smarketing rights to the TCL coal is terminated.
Allegiance has enjoyed working with Itochu on this project to date. Itochu is a highly respected company and its knowledge in the coal marketing business has been extremely beneficial to us.
The amount loaned by Itochu to TCL amounting to C$500,000 will now fall to be repaid by 30 June 2023.
Authorised for release by Jonathan Romcke, Chief Executive Officer. _______________________________________________________________________________________
