June 5 (Reuters) - Allegiance Coal Ltd AHQ.AX :
* TO CLOSE ACQUISITION OF NEW ELK HARD COKING COAL MINE
* CO & CLINE MINING CORP AGREED AMENDMENTS FOR CO TO ACQUIRE NEW ELK COKING COAL PROJECT WITH US$5M REDUCTION IN UPFRONT CASH PAYMENTS
* REDUCTION IN CASH PAYMENTS IN EXCHANGE FOR ACCELERATION OF US$1M OF CLINE DEBT REPAYMENT UPON COMMENCEMENT OF COMMERCIAL PRODUCTION
* CLINE WAIVED CONDITION PRECEDENT TO ACQUISITION COMPLETION REQUIRING CO TO RAISE START-UP CAPITAL FOR NEW ELK PROJECT
* UPON COMPLETION, CO TO HOLD ALL ISSUED CAPITAL OF NECC WHICH OWNS NEW ELK PROJECT AND ASSUME REMAINING CLINE DEBT OF US$31.6M
* COMPLETION ESTIMATED TO TAKE PLACE BY END OF JULY 2020