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Ramaco Resources secures $7M of additional credit; CFO to retire

Ramaco Resources Inc. subsidiary Ramaco Resources LLC secured an additional $7 million under its existing short-term credit facility with Maxus Capital Group LLC, with certain mining equipment serving as collateral.

The proceeds from the loan will be used to pay down borrowings under the facility and for normal working capital requirements, the company said in a June 14 news release. In total, the metallurgical coal producer has drawn $12 million under the equipment-based financing.

Additionally, CFO Marc Solochek is set to retire, effective July 1, then continue to work with the company as a consultant. Randall Atkins, Ramaco Resources' executive chair and board chairman, will assume the role of CFO.