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- Allegiance Coal (AHQ) is set to raise more capital after placing its shares in a trading halt
- The company will remain in the halt until November 13 or when an announcement is made to the market
- In its September quarterly, Allegiance Coal burnt through $886,000 with the majority going towards staff costs and exploration and evaluation
- It also used $408,000 on investing activities, bringing total expenditure to $1.29 million
- As of September 30, the company had nearly $1.3 million in total available funding, representing just one quarter’s worth of funds to support operations if spending levels stay the same
- Shares in Allegiance Coal last traded for 5.4 cents on November 10
Allegiance Coal (AHQ) is set to raise more capital after placing its shares in a trading halt.
The company will remain in the halt until November 13 or when an announcement is made to the market.
At this point in time Allegiance Coal is yet to disclose how much it is raising or what it will use the funds for they are raised.
In its September quarterly, Allegiance Coal burnt through$886,000 with the majority going towards staff costs and exploration and evaluation.
It also used $408,000 in investing activities, bringing the total expenditure to $1.29 million.
As of September 30, the company had nearly $1.3 million in total available funding, representing just one quarter’s worth of funds to support operations if spending levels stay the same.
Allegiance Coal expects it will continue to have negative operating cash flows until it’s able to bring an operating mine into production, a detail which alludes to the need for the upcoming capital raise.
Shares in Allegiance Coal last traded for 5.4 cents on November 10.
