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American Resources Corporation's ReElement Technologies Announces Successful Execution and Closing of Bond Purchase Agreement for $150 Million of Kentucky Industrial Building Revenue Bonds for its Kentucky Lithium Refinery
$150 million Tax-Exempt, Industrial Building Revenue Bonds will fund the development and operational commissioning of the United States' first-of-its-kind
About this update from American Resources Corporation
[{"type":"text","content":"$150 million Tax-Exempt, Industrial Building Revenue Bonds will fund the development and operational commissioning of the United States' first-of-its-kind lithium processing and refining facility in Knott County, KentuckyBond Purchase Agreement was executed with Hilltop Securities Inc. who acted as sole-underwriter for the bond offeringFISHERS, IN / ACCESSWIRE / March 28, 2024 / American Resources Corporation's (NASDAQ:AREC) (\"American Resources\" or the \"Company\") subsidiary, ReElement Technologies Corporation (\"ReElement\"), a leading provider of high-performance refining capacity of rare earth and critical battery elements, today announced that it has successfully executed and closed a Bond Purchase Agreement with Hilltop Securities Inc. for $150,000,000 principal amount of Kentucky Industrial Building Revenue Bonds, Series 2024, for the Company's Kentucky Lithium LLC (\"KYL\") complex located near the town of Kite, Kentucky.As previously stated, the Company's Knott County, Kentucky Lithium refining facility is being designed with an initial capacity to produce 15,000 metric ton per annum of either battery-grade lithium carbonate (Li2CO3) and/or lithium hydroxide (LiOH) and with the ability to modularly increase capacity beyond the initial build. The KYL facility and technology also corresponds with the Company's recently announced milestone of producing ultra-pure (99.96%), battery-grade Li2CO3 from hard rock, spodumene bearing pegmatite ore utilizing its patented multi-modal chromatography technology at commercial scale. Some additional key attributes of the facility are:Low Carbon Footprint - The initial life cycle analysis puts the KYL facility as one of the lowest, if not the lowest, carbon footprint commercial lithium purification and refining facilities in the world by combining ReElement's low footprint, low energy chromatographic separation and purification technology within a broader hydrometallurgical process whereby utilizing less chemicals then traditional solvent-based metallurgical processes, while also combining with solar energy and battery storage for a sustainable and stable energy source;Brownfield Redevelopment - The facility is being built on a prior coal mining site reutilizing existing infrastructure and land reducing the overall impact on the environment while also reducing build time to startup;C...