Business
American Resources Corporation Announces Pricing of $3.8 Million Offering of Common Stock and Warrants
FISHERS, IN / ACCESSWIRE / August 23, 2019 / American Resources Corporation (NASDAQ:AREC), a supplier of raw materials to the rapidly growing global
About this update from American Resources Corporation
[{"type":"text","content":"FISHERS, IN / 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 copie...