American Resources Corp 8-K, filed Mar 6, 2020
American Resources Corp (AREC)
8-K
2020-03-06
For: 2020-03-06
View Original
Added on
April 06, 2026
About this 8-K
American Resources Corp filed this 8-K on March 6, 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): March 6,
2020
AMERICAN RESOURCES CORPORATION
(Exact name of registrant as specified in its charter)
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Florida
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000-55456
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46-3914127
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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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
March 6, 2020, American Resources Corporation (or the
“Company”) issued a press release announcing it has
closed on its previously announced sale of three non-core, idled
permits at the Company’s Perry County Resources subsidiary as
part of the Company’s post-acquisition restructuring
initiatives to lower costs.
The information presented in Item 8.01 of this Current Report on
Form 8-K and Exhibit 99.1 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 release is attached as Exhibit 99.1 hereto and is
incorporated herein by reference.
Item 9.01.1.
Financial Statements and
Exhibits.
(d)
Exhibits
The
following exhibits are attached hereto and filed
herewith.
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Exhibit No.
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Description
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Press Release
Dated March 6, 2020
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2
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.
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American Resources
Corporation
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Date: March 6,
2020
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By:
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/s/ Mark C.
Jensen
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Mark C. Jensen |
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Chief Executive Officer |
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Exhibit 99.1
American Resources Corporation Completes Sale of Non-Core Mines and
Reduction of Company Liabilities
Represents important milestone in strategic restructuring plan to
lower costs and consolidate Perry County Resources into a one-mine,
one-plant facility
March 6, 2020 | Source: American Resources
Corporation
FISHERS, INDIANA / ACCESSWIRE / March 6, 2020
/ American Resources Corporation (NASDAQ:AREC) (“American
Resources” or the “Company”), a supplier of raw
materials to the rapidly growing global infrastructure marketplace
with a primary focus on the extraction, processing, transportation
and distribution of metallurgical carbon to the steel and specialty
metals industries, announced today that it has closed on the
previously announced sale of three idled permits associated with
one underground mine and one surface mine located in Perry County,
Kentucky near the town on Hazard.
The
permit sale has been part of the post-acquisition restructuring
efforts American Resources has undertaken to eliminate legacy costs
and liabilities at Perry County Resources (“PCR”), a
subsidiary of American Resources, and to reduce the overall
operating costs at the complex. Total consideration for the assets
being sold is approximately $1,000,000 of cash and
equipment.
“The
sale of these non-core permits is a important step in our Perry
County restructuring project to reduce overall operating expenses
and to establish PCR as a one-mine, one-plant facility. It also
demonstrated the Company’s ability to turnaround a complex
that was losing approximately $35 million a year into a profitable
enterprise,” commented Mark Jensen, Chairman and CEO of
American Resources Corporation. “Looking to the future, we
are now well positioned with PCR to focus on operational excellence
to produce high-quality metallurgical carbon to supply the rapidly
growing infrastructure market and to build a long-term sustainable
business.”
Through
the divestiture of the three non-core permits, American Resources
has estimated that it has reduced the overall holding cost at Perry
County Resources by over $9.0 million per year (including prior
leases), while also shedding over $3 million or 31% of its
associated environmental reclamation liabilities at PCR.
Additionally, and as part of its restructuring efforts and its
previously announced Mine Consolidation Project, American Resources
is repositioning equipment from the sold assets into its retained
operations at PCR allowing the Company to convert the operating
sections and mine plan to support similar output under a much more
efficient, lower cost structure. The Company looks forward to
providing more detail on its revised mine plan in the near
future.
American
Resources Corporation continues to focus on its growth objective by
efficiently leveraging its large number of core mining permits and
through identifying strategic, supplemental acquisitions. The
Company is committed to being one of the lowest cost operators in
the Central Appalachian basin (CAPP) and throughout all its carbon
mining, processing, and transportation operations.
About American Resources Corporation
American Resources Corporation is a supplier of raw materials to
the rapidly growing global infrastructure marketplace. The
Company’s primary focus is on the extraction, processing,
transportation and selling of metallurgical carbon and pulverized
coal injection (PCI) to the steel industry. The company operations
are based in the Central Appalachian basin of eastern Kentucky and
southern West Virginia where premium quality metallurgical products
are located.
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The Company’s business model is based on running a
streamlined and efficient operation to economically extract and
deliver resources to meet its customers’ demands. By running
operations with low or no legacy costs, American Resources
Corporation works to maximize margins for its investors while being
able to scale its operations to meet the growth of the global
infrastructure market.
Website:
http://www.americanresourcescorp.com
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
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