American Resources reduces debt by $9.9M as convertible holder converts to equity

American Resources Corp

Golden Properties converts $9,891,241 of senior convertible debentures into 9,420,230 shares of class A common stock.
Conversion eliminates all remaining convertible debt, strengthening the company's capitalization structure.
Golden Properties becomes the largest equity holder, signaling long-term confidence in AREC.
Debentures were due March 31, 2023; conversion completed in January/February 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

American Resources Corp entered into Notice of Conversion agreement with Golden Properties Ltd. valued at $9,891,241.12 (effective 2023-01-31).

Action: entry
Agreement: equity purchase
Counterparty: Golden Properties Ltd.
Value: $9,891,241.12
Effective: 2023-01-31

Exact text from the filing

On January 31, 2023, American Resources Corporation (“American Resources” or the “Company”) entered into a Notice of Conversion agreement ( the “Agreement”) with Golden Properties Ltd. (“ Golden Properties”) related to the conversion of the balance of Senior Convertible Debentures due March 31, 2023 of American Resources, held by Golden Properties, into shares of class A common stock of the Company.

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38 material agreements filed in the last 30 days. Browse all material agreements →

American Resources Corp filing history →

Source: SEC EDGAR

accession 0001654954-23-001300

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