American Resources Corp. expects gross proceeds of $3.8 million from an underwritten public offering of 3,600,000 class A common stock and warrants to purchase an equal amount of the stock.
The company is selling each class A stock with one warrant for $1.05. The warrants will be exercisable immediately at a price of $1.20 per share and will expire five years from the date of issuance.
The stock and the warrant, which can only be purchased together, will be issued separately.
The underwriter has been granted an over allotment option to purchase up to additional 540,000 shares and/or 540,000 warrants for a period of 45 days.
The offering is expected to close on or about Aug. 27, subject to satisfaction of customary closing conditions.
Maxim Group LLC is acting as sole book-running manager for the offering.
