American Resources subsidiary sells $45M bonds at 9% for rare earth and coal facility expansion

American Resources Corp

WCC sold $45M Solid Waste Disposal Facility Revenue Bonds (9% interest, due June 8, 2038) with $900K underwriting discount.
Proceeds fund expansion of metallurgical carbon processing and integration of rare earth/critical element processing capacity.
Two new underground mines expected to produce 55,000 tons of carbon per month; plant capacity to double to 700 tons/hour.
Closing set for June 8, 2023, subject to customary conditions; bonds issued via West Virginia Economic Development Authority.
Project anticipated to support over 100 jobs in Wyoming County, West Virginia.

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 Bond Purchase Agreement with Hilltop Securities Inc., West Virginia Economic Development Authority valued at $45,000,000 (effective 2023-05-31).

Action: entry
Agreement: notes offering
Counterparty: Hilltop Securities Inc., West Virginia Economic Development Authority
Value: $45,000,000
Effective: 2023-05-31

Exact text from the filing

On May 31, 2023, American Resources Corporation’s (“American Resources” or the “Company”) wholly owned subsidiary, Wyoming County Coal LLC (“WCC”), entered into a Bond Purchase Agreement (“Purchase Agreement”) with Hilltop Securities Inc. (the “Underwriter”), the West Virginia Economic Development Authority (“WVEDA”), a public corporation and governmental instrumentality organized and existing under the laws of the State of West Virginia (the “Issuer”) to sell private activity, Solid Waste Disposal Facility Revenue Bonds, Series 2023, at the purchase price of $45,000,000 less an underwriting discount of $900,000.

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American Resources Corp filing history →

Source: SEC EDGAR

accession 0001654954-23-007506

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