Allegiance Coal Limited (ASX:AHQ) announced a private placement of up to 35,317,480 common shares at a price of AUD 0.075 for gross proceeds of AUD 2,648,811 on June 14, 2019. The transaction will involve participation from institutional investors and sophisticated investors, including, Telkwa Holdings Ltd. for 666,666 shares and Jonathan Reynolds, Chief Financial Officer and finance director of the company, for 135,000 shares, subject to shareholder approval. The transaction is expected to close by June 19, 2019.