American Resources closes $30.1M through direct offering

American Resources Corporation (NASDAQ:AREC) has closed a $30.1 million registered direct offering for 8.6 million common stock shares and 4.3 million purchase warrants. 

Kingswood Capital Markets, a division of Benchmark Investments, performed the task of exclusive placement agent for the offering.

The warrants are exercisable upon the date of issuance and priced at $3.50 per share. The purchase option will expire five years from the date of acquisition.

READ: American Resources to raise $30.1M from registered direct offering

American Resources is focused on extraction and processing of metallurgical carbon, an ingredient used in steelmaking. The US-based firm is also a supplier of critical and rare earth metals for the electrification and new infrastructure sectors. 

 Additionally, the company holds a portfolio of operations located in the Central Appalachian basin of eastern Kentucky and southern West Virginia an area known for premium quality metallurgical carbon and rare earth mineral deposits. 

Earlier this week, American Resources reported the successful recovery of neodymium (rare earth) with a 99.5% purity from waste magnets. 

The recycling effort was part of a research partnership with Purdue University aiming to achieve high purity and isolated rare earth elements. 

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Story by ProactiveInvestors