Allegiance Coal Limited (ASX:AHQ) announced a private placement of 45,970,287 common shares at AUD 0.052 per share for gross proceeds of AUD 2,390,454.924 on September 13, 2018. The round will include participation from sophisticated and professional investors. Subject to shareholder’s approval, directors of the company will participate in the transaction including Non-Executive Chairman, David Fawcett for 480,769 ordinary shares for gross proceeds of AUD 24,999.988, Managing Director, Mark Gray for 480,769 ordinary shares for gross proceeds of AUD 24,999.988, and Finance Director, Jonathan Reynolds for 200,000 ordinary shares for gross proceeds of AUD 10,400. The payment for the transaction is expected on September 18, 2018 and the shares will be issued on September 20, 2018.