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American Resources Corporation Reduces Debt by Over $9 Million
Company's largest convertible debt holder becomes the largest equity holder with conversion of debtFISHERS, IN / ACCESSWIRE / February 6, 2023 / American
About this update from American Resources Corporation
[{"type":"text","content":"Company's largest convertible debt holder becomes the largest equity holder with conversion of debtFISHERS, IN / ACCESSWIRE / February 6, 2023 / American Resources Corporation (NASDAQ:AREC) (\"American Resources\" or the \"Company\"), a next generation and socially responsible supplier of rare earth and critical elements, carbon and advanced carbon materials, announces that its final convertible debt holder, Golden Properties Ltd. has elected to convert all of their Senior Convertible Debentures due March 31, 2023 to shares of class A common stock of the Company in a move that reduces the debt of the Company by over $9 million and eliminate the last of the Company's convertible debt.Golden Properties Ltd., an early shareholder and consistent supporter of the Company, will increase its long-term equity position in the Company's common stock through the conversion of the balance of its convertible debt, amounting to approximately $9.9 million, and resulting in approximately 9.4 million shares issued to the shareholder. Golden Properties was an original investor in American Resources Corporation and has increased its ownership steadily over time through additional investment.Mark Jensen, CEO of American Resources Corporation commented, \"We have always had a great working relationship with Golden Properties Ltd., and they have always been a long-term shareholder of our company since inception. We recently came to an agreement to increase their equity stake in American Resources Corporation through this conversion of their convertible debt to common stock, which allows us to not only further strengthen the capitalization structure of the Company by significantly reducing its debt outstanding, but also showcases the confidence in our Company by materially increasing their equity position. Since the start, Golden Properties have always demonstrated that they are a long-term shareholder of the Company and truly aligned with the other shareholders.\"American Resources continues to focus on running efficient streamlined operations in being a new-aged supplier of raw materials to the infrastructure and electrification marketplace in the most sustainable of ways, while also helping the world achieve its goals of carbon neutrality. By operating with low or no legacy costs and having one of the largest and most innovative growth pipelines in...