The placement price is payable in cash and will be funded from GEAR’s existing cash resources.
Golden Energy and Resources (GEAR) is subscribing to a placement for 33.3 million new shares in Australian-listed metallurgical mining company Allegiance Coal at 45 Australian cents (46 cents) per share, totalling to approximately A$15 million.
The subscription constitutes up to 12% of Allegiance Coal’s enlarged total issued share capital. The placement is expected to complete on May 10.
