15 May 2018debt financing● Neutral
Subsidiary Quest Energy raised $1 million through a no-interest secured note tied to a sale-and-leaseback of equipment with supplier ENECo, repayable over four months.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 May 2018material agreement● Neutral
American Resources' McCoy Elkhorn Coal subsidiary subleased surface rights and coal reserves near Phelps, Kentucky from Colonial Coal Company, taking over as interim operator of two mining permits and assuming their reclamation liabilities.
11 Oct 2017debt financing● Neutral
Now operating in coal, the company (soon renamed American Resources Corporation) restructured its debt with Vancouver-based Golden Properties Ltd into a consolidated loan agreement plus roughly $2.3 million in notes and multiple stock warrants - the start of a lending relationship that would recur for years.
15 May 2017material agreement● Neutral
The company filed audited 2015 financial statements for Quest Energy, Inc., the coal company it had by this point taken on as a subsidiary - marking its pivot away from its original, unrelated shell-company businesses and into coal, ahead of its rename to American Resources Corporation.
21 Feb 2017business combination● NeutralMajor
The company (formerly NGFC Equities) finished its takeover of Quest Energy, an Indiana company that owns coal mining and processing businesses in eastern Kentucky. It issued 4,817,792 new Series A Preferred shares to Quest's owners. The filing says these convert into 95% of the common stock, so existing shareholders were left with about 5%. Control passed to Quest's owners on Feb 7, 2017, and the name changed to American Resources Corporation on Feb 17, 2017. This starts the coal story and replaces the earlier gas-station and fueling plans.
11 July 2016asset acquisition disposition● Neutral
NGFC Equities formally deconsolidated the gas-station limited partnership from its financial statements, completing its exit from that early, unrelated business line.
23 May 2016asset acquisition disposition● Neutral
NGFC Equities' board voted to spin off its gas-station investment partnership after fundraising fell behind schedule and the IRS flagged a fiscal-year mismatch in its tax filings.
24 Mar 2015material agreement● Neutral
NGFC Equities formed a limited partnership to privately raise up to $1 million to buy gas stations for its retail energy division, another since-abandoned early business line.
25 Feb 2015asset acquisition disposition● Neutral
Under its former name, NGFC Equities, the company bought 55% of ECI-LATAM, a small Miami medical-equipment installation business, for 3 million shares - a business line unrelated to the metallurgical coal and critical-minerals operations it would later become known for.