8 Oct 2021production update▲ Good
American Resources restarted its McCoy Elkhorn processing complex and Carnegie 1 mine, securing initial sales contracts as metallurgical coal prices hit their strongest levels since 2006-2007.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 June 2021capital raising announcement● NeutralMajor
The company agreed on June 7, 2021 to sell 8,600,000 Class A shares plus 5-year warrants for 4,300,000 more shares at $3.50 each, for $30.1 million in total. It was sold to investors through a registered direct offering, with Kingswood Capital Markets as placement agent at a 6% fee, and was expected to close around June 9. This is a further equity raise on top of the 2019-2020 raises and adds new shares and warrants for existing holders to absorb. The filing still flags substantial doubt about the company's ability to continue as a going concern.
5 Apr 2021material agreement▲ GoodMajor
American Resources licensed its graphene and carbon-nanostructure patents to newly formed Novusterra Inc. in exchange for 50% ownership and 87.5% voting control of Novusterra, plus half of its future operating income - opening a new technology venture the company would control.
8 Jan 2021listing compliance notice▼ Bad
American Resources received a Nasdaq notice for not holding an annual shareholder meeting within 12 months of its fiscal year-end, and submitted a plan to regain compliance.
9 Oct 2020material agreement▲ Good
American Resources raised $13.0 million in a registered direct stock offering (5.2 million shares at $2.50), priced above the prevailing market price under Nasdaq rules.
11 June 2020auditor change● Neutral
American Resources dismissed MaloneBailey LLP as its independent auditor; MaloneBailey's prior opinions had included a going-concern qualifier but no disagreements over accounting.
8 June 2020listing compliance notice▼ Bad
American Resources received a third Nasdaq compliance notice, this time for falling below the $2.5 million minimum stockholders'-equity requirement.
14 May 2020asset acquisition disposition▲ Good
American Resources unwound its February 2019 Empire Kentucky Land acquisition, selling it back to the original owners in exchange for the return of the 2 million shares it had issued and cancellation of the related $2 million note - divesting land it deemed idle and outside its five-year plan.
24 Apr 2020debt financing● Neutral
American Resources received a $2.7 million Paycheck Protection Program loan under the federal CARES Act as the COVID-19 pandemic hit.
8 Apr 2020material agreement● Neutral
American Resources closed an initial $13.4 million of convertible debt - mostly refinancing existing obligations - with room to raise up to $25 million total, convertible into stock at $1.05 per share and carrying 12.5% interest.
27 Mar 2020listing compliance notice▼ Bad
American Resources filed an amended version of its independent-director/audit-committee Nasdaq deficiency notice with no change to the underlying issue.
13 Mar 2020listing compliance notice▼ Bad
American Resources fell out of compliance with Nasdaq's independent-director and audit-committee rules after a director resigned, triggering a separate compliance notice with a cure period into 2021.
11 Oct 2019listing compliance notice▼ Bad
American Resources received its first Nasdaq deficiency notice for its stock trading below the $1.00 minimum bid price for 30 straight days, with no immediate effect on its listing and a cure period into April 2020.
3 Oct 2019asset acquisition disposition▲ GoodMajor
American Resources closed its purchase of Cambrian Holding's Kentucky coal-mining subsidiaries out of bankruptcy, taking over Perry County Coal and its affiliates.
27 Sept 2019material agreement▲ GoodMajor
American Resources agreed to buy several Kentucky coal-mining subsidiaries of bankrupt Cambrian Holding Company - Perry County Coal, Bear Branch Coal, Ray Coal and Whitaker Coal - through a court-supervised bankruptcy sale.
27 Aug 2019material agreement● Neutral
American Resources priced a $3.78 million underwritten offering of stock-and-warrant units at $1.05 each.
6 Aug 2019material agreement● Neutral
American Resources signed a binding term sheet to buy a majority of bankrupt Blackjewel LLC's Eastern coal assets out of Chapter 11 for nominal cash plus up to $8 million in royalty payments; no closing announcement follows in the company's later filings, leaving the outcome of this proposed deal unclear.
17 June 2019material agreement● Neutral
American Resources amended warrants held by lender Golden Properties Ltd to reflect additional loans Golden Properties had extended beyond their original 2017 financing agreement.
29 May 2019asset acquisition disposition● Neutral
American Resources filed an amended report adding financial detail to its completed Empire Kentucky Land/Empire Coal Holdings acquisition, without changing the underlying deal terms.
3 May 2019production update▲ Good
American Resources restarted production at its Carnegie 1 underground metallurgical coal mine in Kentucky under an expanded production plan.
26 Apr 2019material agreement● Neutral
American Resources combined two coal supply contracts with Integrity Coal Sales into one blended-price agreement and confirmed it had drawn the full $6.5 million loan from Integrity.
8 Mar 2019material agreement▲ Good
Underwriters fully exercised their over-allotment option on American Resources' Nasdaq uplisting offering, bringing total proceeds to $4.6 million.
22 Feb 2019material agreement● Neutral
American Resources corrected its Nasdaq uplisting offering disclosure to reflect a total size of $4.6 million if the underwriters' over-allotment option is fully exercised.
22 Feb 2019asset acquisition disposition▲ Good
American Resources closed a merger with Empire Kentucky Land (issuing 2 million shares for 100% of its stock) and a related asset purchase from affiliated Empire Coal Holdings for $500,000 cash plus a $2 million note, adding land and mineral rights near its McCoy Elkhorn operations.
20 Feb 2019material agreement▲ GoodMajor
American Resources priced a $4.0 million underwritten stock offering and uplisted from the over-the-counter market to the Nasdaq Capital Market under the ticker AREC, a significant step up in the company's public-market standing.
15 Feb 2019listing compliance notice▲ GoodMajor
the exchange certified American Resources Corp's securities for listing, clearing them to begin trading.
3 Jan 2019debt financing▲ Good
American Resources borrowed up to $6.5 million from coal buyer Integrity Coal Sales at 5% interest to expand production at its McCoy Elkhorn mine, repayable out of a new long-term coal supply contract with Integrity running through January 2021.
13 Nov 2018asset acquisition disposition▲ GoodMajor
American Resources closed its purchase of the Synergy Coal properties in West Virginia, amended its charter to raise authorized shares to 260 million, and saw holders convert 90% of its Series A Preferred stock into common shares.
30 Oct 2018material agreement▲ Good
American Resources agreed to buy roughly 1,100 acres of coal land and related permits in Wyoming County, West Virginia from Synergy Coal and its owner for about $16.1 million, mostly paid in company stock.
1 June 2018material agreement termination▲ GoodMajor
American Resources extinguished a $17.8 million related-party payable owed to Quest Mgmt LLC dating back to a 2015 agreement, meaningfully cleaning up its balance sheet.