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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
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.