Business
American Resources Corporation Announces Pricing of $13.0 Million Registered Direct Offering
FISHERS, IN / ACCESSWIRE / October 7, 2020 / American Resources Corporation (NASDAQ:AREC) ("American Resources" or the "Company"), a supplier of raw materials
About this update from American Resources Corporation
[{"type":"text","content":"FISHERS, IN / ACCESSWIRE / October 7, 2020 / American Resources Corporation (NASDAQ:AREC) (\"American Resources\" or the \"Company\"), a supplier of raw materials to the rapidly growing global infrastructure marketplace, today announced that it has entered into a securities purchase agreement with institutional investors for the issuance and sale of 5,200,000 shares of its common stock at a price of $2.50 per share, for aggregate gross proceeds of approximately $13.0 million, in a registered direct offering.Kingswood Capital Markets, division of Benchmark Investments, Inc., is acting as exclusive placement agent for the offering.The offering is expected to close on or about October 9, 2020, subject to the satisfaction of customary closing conditions.The offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-230786) previously filed and declared effective by the Securities and Exchange Commission (the \"SEC\"), and declared effective on June 4, 2019. The offering of the shares of common stock will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement, describing the terms of the proposed offering, which will be filed with the SEC. The Company will also file a Form 8-K in connection with the securities purchase agreement and the closing of the offering.This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.When available, copies of the prospectus supplement relating to this registered direct offering, together with the accompanying prospectus, can be obtained at the SEC's website at www.sec.gov or from Kingswood Capital Markets, division of Benchmark Investments Inc., 17 Battery Place, New York, NY 10004, Attention: Syndicate Department, or via email at [email protected] or telephone at (212) 404-7002. Before investing in this offering, interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such prosp...