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.

The placement price is payable in cash and will be funded from GEAR’s existing cash resources.

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