American Resources Corp 8-K, filed Nov 18, 2020
American Resources Corp (AREC)
8-K
2020-11-18
For: 2020-11-17
View Original
Added on
April 06, 2026
About this 8-K
American Resources Corp filed this 8-K on November 18, 2020, reporting on events of November 17, 2020.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date of
Report (Date of Earliest event Reported): November 17,
2020
AMERICAN RESOURCES CORPORATION
(Exact name of registrant as specified in its charter)
|
Florida
(State
or other jurisdiction
of
incorporation)
|
000-55456
(Commission
File
Number)
|
46-3914127
(I.R.S.
Employer
Identification
No.)
|
12115
Visionary Way, Suite 174, Fishers Indiana, 46038
(Address
of principal executive offices)
(317)
855-9926
(Registrant’s
telephone number, including area code)
________________________________________________
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (See: General Instruction
A.2. below):
[
]
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[
]
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act
(17CFR240.14a-12)
[
]
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17CFR240.14d-2(b))
[
]
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17CFR240.13e-4(c))
Item 8.01. Other Events
On
November 17, 2020, American Resources Corporation (or the
“Company”) issued a press release announcing that its
non-core, idled mine, leased to a third-party in June 2020, has
commenced carbon production via a long-term mine plan.
On November 18, 2020, American Resources issued a press release
announcing its move to fully reclaim its non-core, idled, Indiana
thermal coal mine complex given the Company’s focus on the
steel, infrastructure, and critical elements markets.
The information presented in Item 8.01 of this Current Report on
Form 8-K and Exhibits 99.1 and 99.2 shall not be deemed
to be “filed” for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to the liabilities of that
section, unless the Company specifically states that the
information is to be considered “filed” under the
Exchange Act or specifically incorporates it by reference into a
filing under the Securities Act of 1933, as amended, or the
Exchange Act.
A copy
of the press releases are attached as Exhibit 99.1 and 99.2 hereto
and are incorporated herein by reference.
Item 9.01.
Financial Statements and
Exhibits.
The
following exhibits are attached hereto and filed
herewith.
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ExhibitNo.
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Description
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99.1
99.2
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
|
|
American Resources
Corporation
|
|
|
|
|
|
|
|
|
Date: November 18,
2020
|
By:
|
/s/ Mark C.
Jensen
|
|
|
|
|
Mark C.
Jensen
|
|
|
|
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Chief Executive Officer |
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Exhibit 99.1
American Resources’ Leased Third Party Mine Commences
Production
Non-core, idled mine leased to a third party in July 2020 has
commenced carbon production with long-term mine plan
Company will generate stable royalty stream from property with no
costs
November 17, 2020 | Source: American Resources
Corporation
FISHERS, INDIANA / ACCESSWIRE / November 17, 2020
/ American Resources
Corporation (NASDAQ:AREC)
(“American Resources” or the “Company”), a
next generation and socially responsible supplier of raw materials
to the new infrastructure marketplace, today announced that its
non-core, idled mine, leased to a
third-party operator this past July, has commenced carbon production via a long-term
mine plan. The lease on the underground mine located in Perry
County, Kentucky will generate a positive cash flow stream of $1.00
per ton of carbon sold from the mine as well as an additional $0.50
per ton of carbon sold that will be set aside for final
environmental remediation of the property in the
future.
Thomas Sauve, President of American Resources Corporation
commented, “We are extremely pleased that our lease partner
was successful in getting this mine into production. Their team put
significant effort into hitting their time frames which has now
resulted in substantial new job creation in the area, positive cash
flows from the permit to American Resources and an environmental
reclamation fund to ensure that post mining, the environmental
remediation will be completed properly and on time. With both core
and non-core permits within our portfolio, we hope to work with
other operators in the region that desire to lease our non-core
permits in a similar structure to maximize social impact,
shareholder returns and environmental impact in the
region.”
The leased mine was included as part of the Company’s
acquisition of Knott County Coal from Arch Coal (now Arch
Resources) in April 2016. Given American Resources’ focus on
the steel and infrastructure markets, the mine did not fit into the
Company’s core operating plans and provided the rationale to
lease to a third-party operator.
Additionally, American Resources did not charge any upfront or
minimum royalties associated with the lease agreement, which is
typical in the industry, to ensure that the lessee could maximize
the likelihood of success of getting the mine into production for
long term success. The lease structure better fits the current
markets and focuses on generating stable long-term cash flows for
the company while also creating jobs in eastern Kentucky, a region
that greatly needs them.
American
Resources Corporation is focused on running a streamlined and
efficient operation to economically deliver raw materials products
to meet its customers’ demands for a modern infrastructure
market. By operating with low or no legacy costs and having one of
the largest and most innovative growth pipelines in the industry,
American Resources Corporation works to maximize value for its
investors while being able to scale its operations to meet the
growth of the markets it serves.
About American Resources Corporation
American Resources Corporation is a supplier of high-quality raw
materials to the rapidly growing global infrastructure market. The
Company is focused on the extraction and processing of
metallurgical carbon, an essential ingredient used in steelmaking.
American Resources has a growing portfolio of operations located in
the Central Appalachian basin of eastern Kentucky and southern West
Virginia where premium quality metallurgical carbon deposits are
concentrated.
American Resources has established a nimble, low-cost business
model centered on growth, which provides a significant opportunity
to scale its portfolio of assets to meet the growing global
infrastructure market while also continuing to acquire operations
and significantly reduce their legacy industry risks. Its
streamlined and efficient operations are able to maximize margins
while reducing costs. For more information visit
americanresourcescorp.com or connect with the Company on
Facebook,
Twitter, and
LinkedIn.
Special Note Regarding Forward-Looking Statements
This
press release contains “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements involve known and unknown
risks, uncertainties, and other important factors that could cause
the Company’s actual results, performance, or achievements or
industry results to differ materially from any future results,
performance, or achievements expressed or implied by these
forward-looking statements. These statements are subject to a
number of risks and uncertainties, many of which are beyond
American Resources Corporation’s control. The words
“believes”, “may”, “will”,
“should”, “would”, “could”,
“continue”, “seeks”,
“anticipates”, “plans”,
“expects”, “intends”,
“estimates”, or similar expressions are intended to
identify forward-looking statements, although not all
forward-looking statements contain such identifying words. Any
forward-looking statements included in this press release are made
only as of the date of this release. The Company does not undertake
any obligation to update or supplement any forward-looking
statements to reflect subsequent events or circumstances. The
Company cannot assure you that the projected results or events will
be achieved.
PR Contact:
Precision
Public Relations
Matt
Sheldon
917-280-7329
matt@precisionpr.co
Investor Contact:
JTC
Team, LLC
Jenene
Thomas
833-475-8247
AREC@jtcir.com
Company Contact:
Mark
LaVerghetta
317-855-9926
ext. 0
Vice
President of Corporate Finance and Communications
investor@americanresourcescorp.com
Source:
American Resources Corporation
Exhibit 99.2
American Resources Moves to Complete Reclamation of Indiana Thermal
Coal Mine Complex
Mining complex was acquired for its asset value in September of
2019 with goal of reclaiming property and moving asset base to
Kentucky or leasing out to third party
Company has achieved positive environmental results while
bolstering its American Metals business line from the
property
November 18, 2020 | Source: American Resources
Corporation
FISHERS, INDIANA / ACCESSWIRE / November 18, 2020
/ American Resources
Corporation (NASDAQ:AREC)
(“American Resources” or the “Company”), a
next generation, socially responsible, supplier of raw materials to
the new infrastructure market, today announced the move to fully
reclaim the non-core Indiana thermal coal mine complex acquired
from a bankruptcy in September 2019 for the complex’s asset
value given American Resources’ operations focus on the
steel, infrastructure and critical elements
markets.
In 2019, the Company was approached by the trustee of a bankrupt
estate on acquiring the facility. The management made the
determination that based on the structures and asset value the
property could be reclaimed for the future at a cost that would be
lower than the acquired assets. Upon the closing of the asset
acquisition, the Company has been reclaiming the over 175 acre
property while also considering lease structures from third-party
operators in the region. Based on current market conditions,
American Resources has made the determination to continue with its
primary plan to fully reclaim the site for the future and relocate
certain assets to achieve a full bond release of approximately $1.3
million in environmental bonds.
Mark Jensen, Chairman and CEO of American Resources Corporation
commented, “When approached by the estate’s trustee,
our team analyzed and determined that by utilizing an innovative
and environmentally friendly approach, we could reclaim the
property at a cost that was less than the asset value of the
property and consideration paid as well as burning considerably
less fuel. We also saw an opportunity to clean up the environmental
liabilities that were neglected and egregiously left behind by the
prior operators. When completed we are excited and confident that
this project will prove that our model of achieving true social and
environmental goals can be achieved while also generating a
positive shareholder return to our investors.”
Once taking ownership of the site, the Company, with collaborative
efforts from its outsourced environmental solutions company Land
Betterment Corporation, implemented a plan of action to clean up
various environmental problems and bring the site back into
compliance. Its innovative plan allowed them to balance the need
for a sound reclamation plan alongside the need to do so in an
efficient, environmentally-friendly manner which allowed its team
to utilize a fraction of the fuel used in traditional
“legacy” methods. To date, the Company has finished
removing all structures out of the mine pit, removed a majority of
the overland belt and a majority of mobile structures. The Company
is now in the process of deconstructing and removing the processing
facility, mobile stackers and coal load out facility. American
Resources will be accepting bids on the following
items:
●
Processing
plant components and/or modular structures within the processing
plant
●
48
inch 120 foot rotary stacker
●
36
inch 100 foot rotary stacker
●
Power
centers and other equipment
The Company, consistent with its forward looking model, has
recently announced that it has repurposed a segment of the acquired
property for its American Metals business line to reprocess used
coal railcars for the electric ARC furnace marketplace while also
creating good paying jobs in the community.
American Resources, since inception, has strategically acquired and
restructured mining complexes to establish itself as one of the
fastest growing, lowest cost metallurgical carbon platforms in the
Central Appalachian basin. Over the next few years, through cost
cutting and right-sizing operations, the Company has become one of
the largest owners of mining infrastructure in eastern Kentucky.
The Company is focused on utilizing its vast asset base to
maximizing the value through its three core operating
divisions:
●
American
Carbon’s production and processing of metallurgical carbon to
the steel, specialty alloy metal and industrial
marketplace.
●
American
Metals’ metal aggregation and processing market to the
electric ARC furnace market.
●
American
Rare Earth’s critical elements production and processing
business line providing the electric vehicle, permanent magnet and
battery / battery storage marketplace.
About American Resources Corporation
American Resources Corporation is a supplier of high-quality raw
materials to the rapidly growing global infrastructure market. The
Company is focused on the extraction and processing of
metallurgical carbon, an essential ingredient used in steelmaking.
American Resources has a growing portfolio of operations located in
the Central Appalachian basin of eastern Kentucky and southern West
Virginia where premium quality metallurgical carbon deposits are
concentrated.
American Resources has established a nimble, low-cost business
model centered on growth, which provides a significant opportunity
to scale its portfolio of assets to meet the growing global
infrastructure market while also continuing to acquire operations
and significantly reduce their legacy industry risks. Its
streamlined and efficient operations are able to maximize margins
while reducing costs. For more information visit
americanresourcescorp.com or connect with the Company on
Facebook,
Twitter, and
LinkedIn.
Special Note Regarding Forward-Looking Statements
This
press release contains “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements involve known and unknown
risks, uncertainties, and other important factors that could cause
the Company’s actual results, performance, or achievements or
industry results to differ materially from any future results,
performance, or achievements expressed or implied by these
forward-looking statements. These statements are subject to a
number of risks and uncertainties, many of which are beyond
American Resources Corporation’s control. The words
“believes”, “may”, “will”,
“should”, “would”, “could”,
“continue”, “seeks”,
“anticipates”, “plans”,
“expects”, “intends”,
“estimates”, or similar expressions are intended to
identify forward-looking statements, although not all
forward-looking statements contain such identifying words. Any
forward-looking statements included in this press release are made
only as of the date of this release. The Company does not undertake
any obligation to update or supplement any forward-looking
statements to reflect subsequent events or circumstances. The
Company cannot assure you that the projected results or events will
be achieved.
PR Contact:
Precision
Public Relations
Matt
Sheldon
917-280-7329
matt@precisionpr.co
Investor Contact:
JTC
Team, LLC
Jenene
Thomas
833-475-8247
AREC@jtcir.com
Company Contact:
Mark
LaVerghetta
317-855-9926
ext. 0
Vice
President of Corporate Finance and Communications
investor@americanresourcescorp.com
Source:
American Resources Corporation