AREC subsidiary closes $150M bond financing for Kentucky lithium refinery

American Resources Corp

ReElement Technologies closed $150M Industrial Building Revenue Bonds (Series 2024) with Hilltop Securities and Knott County, KY.
Proceeds to fund first-of-its-kind lithium processing and refining facility near Kite, KY with initial 15,000 mt/year capacity.
Facility will produce battery-grade lithium carbonate or lithium hydroxide using patented multi-modal chromatography.
Estimated 113 jobs; facility designed as brownfield redevelopment on former coal mining site.
Bonds sold to qualified institutional buyers and accredited investors only.

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. and Knott County, Kentucky valued at $150,000,000 (effective 2024-03-28).

Action: entry
Agreement: notes offering
Counterparty: Hilltop Securities Inc. and Knott County, Kentucky
Value: $150,000,000
Effective: 2024-03-28

Exact text from the filing

On March 28, 2024, American Resources Corporation’s (“American Resources” or the “Company”) wholly owned subsidiary, ReElement Technologies Corporation (“ReElement”), closed a Bond Purchase Agreement (“Purchase Agreement”) with Hilltop Securities Inc. (the “Underwriter”), Knott County, Kentucky (the “Issuer”), a county and political subdivision organized and existing under the laws of the Commonwealth of Kentucky (the “Commonwealth”), whereby the Underwriter agrees to purchase from the Issuer, and the Issuer agrees to sell and deliver to the Underwriter, all (but not less than all) of the Knott County, Kentucky Industrial Building Revenue Bonds (Solid Waste Project), Series 2024 (the “Bonds”), at the purchase price of $150,000,000 (which is equal to the aggregate principal amount of the Bonds).

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Source: SEC EDGAR

accession 0001654954-24-004326

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