June 5 (Reuters) - Allegiance Coal Ltd (AHQ) :
- TO CLOSE ACQUISITION OF NEW ELK HARD COKING COAL MINE
- CO & CLINE MINING CORP AGREED AMENDMENTS FOR CO TO ACQUIRE NEW ELK COKING COAL PROJECT WITH US$5M REDUCTION IN UPFRONT CASH PAYMENTS
- REDUCTION IN CASH PAYMENTS IN EXCHANGE FOR ACCELERATION OF US$1M OF CLINE DEBT REPAYMENT UPON COMMENCEMENT OF COMMERCIAL PRODUCTION
- CLINE WAIVED CONDITION PRECEDENT TO ACQUISITION COMPLETION REQUIRING CO TO RAISE START-UP CAPITAL FOR NEW ELK PROJECT
- UPON COMPLETION, CO TO HOLD ALL ISSUED CAPITAL OF NECC WHICH OWNS NEW ELK PROJECT AND ASSUME REMAINING CLINE DEBT OF US$31.6M
- COMPLETION ESTIMATED TO TAKE PLACE BY END OF JULY 2020
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