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Rhino to enter into equity exchange agreement with Royal, Yorktown

Rhino ResourcePartners LP is entering into an equity exchange agreement withRoyal Energy ResourcesInc. and YorktownPartners LLC, according to a company release.

Yorktown Partners will contribute its common stock shares ofArmstrong Energy Inc.to Rhino Resource Partners Holdings LLC, which will in turn contribute theshares to Rhino Resource Partners. In return, the latter entity will offer 10million new Rhino Resource Partners common units. The agreement also statesthat Rhino GP will offer a 50% ownership of itself, which is currently owned byRoyal, to Rhino Holdings.

The deal is subject to Armstrong's current bondholdersagreeing to restructure their bonds and Rhino Resource Partners refinancing itscurrent revolving credit agreement.

The companies expect to close the agreement by Dec. 31.