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American Resources Corporation Sets Record Date of December 31, 2024 for Special Dividend and Closes Initial Investments of Private Funding for ReElement Technologies Corporation
ReElement Technologies closes initial investments of its private investment round into ReElement from group of investors including members of
About this update from American Resources Corporation
[{"type":"text","content":"ReElement Technologies closes initial investments of its private investment round into ReElement from group of investors including members of managementAmerican Resources is distributing 1 share of ReElement Technologies for every 3 shares of American Resources Corporation as of the Record Date FISHERS, IN / ACCESSWIRE / November 14, 2024 / FISHERS, IN / ACCESSWIRE / November 14, 2024 / 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 to the modern infrastructure and electrification sectors, today announced a special dividend of shares in its wholly owned subsidiary, ReElement Technologies Corporation (\"ReElement\") (\"Special Dividend\"). The Special Dividend will be distributed on or about February 15, 2025 to shareholders of record as of December 31, 2024 (\"Record Date\").Additionally, the Company is pleased to report that ReElement Technologies, a leading provider of high-performance refining capacity for rare earth and critical battery elements, has successfully closed on initial investments as part of its private financing. This initial investment is part of an ongoing private financing round with a rolling close of up to $20 million. The investments were structured as two-year convertible notes with a 12% annual interest rate. These notes can convert into common shares of ReElement Technologies at a pre-money valuation of $150 million, translating to approximately $1.94 per share of American Resources common stock, based on the common shares outstanding as reported in the last quarter.Mark Jensen, CEO and Chairman of American Resources Corporation commented, \"Positioning our divisions for growth and maximizing shareholder value is our top priority. ReElement Technologies is the most exciting venture I've ever been part of, and the opportunities to meet the demands of the electrified economy and strengthen national security through a reliable critical mineral supply chain are enormous. Our mission is clear: to set the global standard for refining critical minerals. We're incredibly proud of our team's achievements so far and the strong foundation we've built for future growth. As a standalone company, ReElement will be even better positioned to execute its...