AREC subsidiary to sell Deane Mining assets for $20.6M enterprise value

American Resources Corp

Binding LOI with Integrity Carbon Solutions for Deane Mining complex assets.
$1M upfront cash ($200k deposit received, $800k at closing) plus $500k quarterly for 21 quarters.
Buyer to assume ~$9.1M in environmental reclamation bonds.
CEO cites sale as non-core asset unlock; also notes ongoing spin-offs of ReElement Technologies and American Carbon.

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 Letter of Intent with Integrity Carbon Solutions LLC (ICS) valued at approximately $20,600,000 of enterprise value (effective 2023-08-01).

Action: entry
Agreement: asset purchase
Counterparty: Integrity Carbon Solutions LLC (ICS)
Value: approximately $20,600,000 of enterprise value
Effective: 2023-08-01

Exact text from the filing

On August 1, 2023 American Resources Corporation (“American Resources” or the “Company”), received a deposit (“Deane Deposit”) whereby entering the Company’s subsidiary, American Carbon Corporation (“American Carbon” or “ACC”), into a binding letter of intent (“Letter of Intent”) to sell certain assets associated to its Deane Mining complex to Integrity Carbon Solutions LLC (“Integrity” or “ICS”).

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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 0001654954-23-010172

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