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The firm has granted incentive stock options to purchase an aggregate of up to 1.3 million common shares.

In all, the Canadian mining company issued 13,500,000 units, for $0.10 apiece.

The company says it will ship some 500,000 tonnes of metallurgical coal from Colombia to China in 2017.

The credit agreement is expected to provide immediate access to $100 million USD for project development, construction, and working capital.

Gallagher joins at the time when the company looks to further develop its Buriticá mining operations in central Colombia.

The mining firm has decided that commercial production at its remaining sites is not viable.

The new deal is for five years and includes raises and increased benefits for members of Sintravifer an Sintraime.

The authorization allows Continental Gold to expand its current mining site and build a processing plant capable of handing up to 3,200 tonnes per day.

New Colombia Resources recently announced that its has discovered a new "outcropped coal seam" that is more than 10 feet wide.

"Its inclusion in both indices is a reflection of the hard work and dedication of our employees,” said company CEO Ari Sussman.