Blueprint
American Resources Corporation Announces Pricing of $3.8 Million
Offering of Common stock and Warrants
August 23, 2019 | Source: American Resources
Corporation
FISHERS, INDIANA / ACCESSWIRE / August 23, 2019 /
American Resources Corporation
(NASDAQ: AREC),
a supplier of raw materials to the rapidly growing global
infrastructure marketplace, with a primary focus on the extraction,
processing, transportation and distribution of metallurgical coal
to the steel industry, announced today the pricing of an
underwritten public offering of 3,600,000 shares of its Class A
Common Stock and warrants to purchase up to an aggregate of
3,600,000 shares of Class A Common Stock. Each share of Class A
Common Stock is being sold together with one warrant to purchase
one share of Class A Common Stock at a combined effective price to
the public of $1.05. Gross proceeds, before underwriting discounts
and commissions and estimated offering expenses, are expected to be
approximately $3.8 million.
The
warrants will be exercisable immediately at an exercise price of
$1.20 per share and will expire five years from the date of
issuance. The shares of Class A Common Stock and the accompanying
warrants, can only be purchased together in the offering, but will
be issued separately and will be immediately separable upon
issuance. The offering is expected to close on or about August 27,
2019, subject to customary closing conditions.
Maxim
Group LLC is acting as sole book-running manager for the
offering.
American
Resources has granted the underwriter an over-allotment option,
exercisable for a period of 45 days, to purchase up to 540,000
additional shares of its common stock and/or 540,000 warrants. The
offering is expected to close on or about August 27, 2019, subject
to satisfaction of customary closing conditions.
The
securities described above are being offered by American Resources
pursuant to a registration statement (File No. 333-230786) previously filed and declared
effective by the Securities and Exchange Commission (SEC). The
securities are being offered by means of a prospectus supplement
and accompanying prospectus, forming part of the registration
statement. A preliminary prospectus supplement and accompanying
prospectus relating to this offering have been filed with the SEC.
Electronic copies of the preliminary prospectus supplement and the
accompanying prospectus relating to this offering may be obtained
from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY
10174, at 212-895-3745. Electronic copies of the preliminary
prospectus supplement and accompanying prospectus are also
available on the website of the SEC at www.sec.gov.
This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or
jurisdiction.
About American Resources Corporation
American Resources Corporation is a supplier of raw materials to
the rapidly growing global infrastructure marketplace. The
company’s primary focus is on the extraction, processing,
transportation and selling of metallurgical coal and pulverized
coal injection (PCI) to the steel industry. AREC’s operations
are based in the Central Appalachian basin of eastern Kentucky and
southern West Virginia, where premium quality metallurgical
products are located.
The company’s business model is based on running a
streamlined and efficient operation to economically extract and
deliver resources to meet its customers’ demands. By running
operations with low or no legacy costs, American Resources
Corporation works to maximize margins for its investors while being
able to scale its operations to meet the growth of the global
infrastructure market.
Website:
http://www.americanresourcescorp.com
Institutional/Retail/Individual Contact:
PCG
Advisory
Adam
Holdsworth
646-862-4607
adamh@pcgadvisory.com
www.pcgadvisory.com
American
Capital Ventures
Howard
Gostfrand, President
305-918-7000
– Office
hg@amcapventures.com
www.amcapventures.com
Company Contact:
Mark
LaVerghetta
317-855-9926
ext. 0
Vice
President of Corporate Finance and Communications
investor@americanresourcescorp.com
Special
Note Regarding Forward-Looking Statements
This
press release contains “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements involve known and unknown
risks, uncertainties, and other important factors that could cause
the Company’s actual results, performance, or achievements or
industry results to differ materially from any future results,
performance, or achievements expressed or implied by these
forward-looking statements. These statements are subject to a
number of risks and uncertainties, many of which are beyond
American Resources Corporation’s control. The words
“believes”, “may”, “will”,
“should”, “would”, “could”,
“continue”, “seeks”,
“anticipates”, “plans”,
“expects”, “intends”,
“estimates”, or similar expressions are intended to
identify forward-looking statements, although not all
forward-looking statements contain such identifying words. Any
forward-looking statements included in this press release are made
only as of the date of this release. The Company does not undertake
any obligation to update or supplement any forward-looking
statements to reflect subsequent events or circumstances. The
Company cannot assure you that the projected results or events will
be achieved.
Source:
American Resources Corporation