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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): November 3, 2023
AMERICAN RESOURCES CORPORATION |
(Exact name of registrant as specified in its charter) |
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.) |
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 1.01 Entry into a Material Definitive Agreement.
On November 2, 2023, American Resources Corporation’s (“American Resources” or the “Company”) entered into a Bond Purchase Agreement (“Purchase Agreement”) with the City of Marion, Indiana (the “City”), to where the City has authorized the issuance of Economic Development Revenue Bonds, Series 2023 in the form of a tax increment financing bond in the amount of $44,897,000 of local incentives for the Company’s development of its 42-acre, critical mineral refining campus. The Purchase Agreement closed and the initial incremental payment was made on November 3, 2023.
The foregoing description of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text, which is filed as an Exhibit hereto.
Item 8.01 Other Events.
On November 9, 2023 American Resources issued a press release announcing the closing of the Bond Purchase Agreement for the previously announced $44.9 million of local incentives from the City of Marion, Indiana in the form of an Economic Development Revenue Bond. This bond is being issued by the City as incentive for ReElement Technologies to construct a state-of-the-art, commercial scale lithium, critical minerals, and rare earth elements refining facility utilizing ReElement Technologies’ proprietary and patented chromatography technologies at the Company’s 42-acre critical mineral refining campus in Marion.
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.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following exhibits are attached hereto and filed herewith.
Exhibit No. |
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Description |
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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.
American Resources Corporation |
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Date: November 9, 2023 |
By: | /s/ Mark C. Jensen | |
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Mark C. Jensen |
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Chief Executive Officer |
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EXHIBIT 1.1
EXHIBIT 99.1
American Resources Corporation’s ReElement Technologies Closes
$44.9 Million in Local Incentives for Lithium-Ion Battery and Rare Earth Element Recycling Campus
Marion, Indiana has issued a tax increment financing bond in the amount of $44.9
million for Company’s 42-acre critical mineral refining campus for battery-grade lithium and magnet-grade rare earth elements
First fully integrated domestic refinery producing ultra-pure battery elements (lithium, cobalt and nickel)
and rare earth elements (neodymium, dysprosium and praseodymium) for EV battery and permanent magnet supply chains
November 9, 2023 | Source: American Resources Corporation
FISHERS, INDIANA / ACCESSWIRE / November 9, 2023 / American Resources Corporation’s (NASDAQ:AREC) (“American Resources” or the “Company”) wholly owned subsidiary, ReElement Technologies Corporation (“ReElement”), a leading provider of high performance refining capacity of rare earth and critical battery elements, today announced that it has closed the bond purchase agreement for the previously announced $44.9 million of local incentives from the City of Marion, Indiana in the form of an Economic Development Revenue Bond. This bond is being issued by the city as incentive for ReElement Technologies to construct a state-of-the-art, commercial scale lithium, critical minerals, and rare earth elements refining facility utilizing ReElement Technologies’ proprietary and patented chromatography technologies at the Company’s recently announced 42-acre campus in Marion, Indiana.
Thomas Sauve, President of American Resources commented, “Our work on the campus will not only transform the physical facility, but also create a legacy impact on the community as well as re-establishing Marion and the region as a preeminent force in high-value materials for the vehicle and technology supply chains.”
As previously announced, Marion, Indiana was selected by ReElement Technologies for this next phase of expansion after several months of careful analysis and examination of several potential sites throughout the Midwestern United States.
The ReElement Technologies Marion Refining Campus will provide for:
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| · | 42 acres with ample areas for operations and future development for both ReElement Technologies and its key industry partners; |
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| · | 425,000 square feet of existing production facility space, office, laboratories, and support structures; |
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| · | 250,000 square feet of additional foundation-ready space to expand production facilities or structures for further growth; |
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| · | The production of rare earth elements with a targeted initial capacity of 2 metric tons per day of ultra-pure (>99.5%) rare earth oxides sourced from end-of-life magnets, such as those found in high-efficiency motors, electric vehicles, wind turbines, power tools, and hard drives, and establishing the largest such producer of heavy rare earth elements outside of China; |
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| · | The production of critical battery materials with a initial refining capacity of 50 metric tons per day of lithium-ion battery input material (“black mass”) sourced from end-of-life batteries and manufacturing waste, with the ability to process a wide range of lithium-ion battery chemistries including Lithium Iron Phosphate (LFP) and Nickle Manganese Cobalt (NMC); |
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| · | An onsite fully integrated domestic solution of the battery and magnet supply chains: The campus is being designed to drive collaboration with battery and magnet industry partners by creating co-located partners within the electrified value chain; reducing costs, maximizing productivity, and significantly reducing the carbon footprint of products produced; |
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| · | Rail loadout onsite along with 37 truck bays for enhanced transportation logistics, including access to major highways and interstate travel, with a central location to many potential customers within the automobile, battery and magnet industries in the US battery belt; |
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| · | Exceptional community support for ReElement Technologies, along with access to several important educational institutions, such as Indiana Wesleyan University, Ivy Tech Community College, Taylor University and Purdue University which can provide skilled personnel to ReElement Technologies’ expanding workforce; and |
The Marion Refining Campus will scale up to an initially targeted production capacity of 5,000 metric tons of ultra-pure (>99.9%) lithium hydroxide or carbonate per year, and 750 metric tons per year of rare earth oxides, with the ability to strategically and efficiently expand production capacity by adding modular production trains as the market matures. The incentives are subject to final closing documentation which is expected by late October 2023.
Learn more about ReElement Technologies’ process and technology here - Video.
About ReElement Technologies Corporation
ReElement Technologies Corp., a wholly owned subsidiary of American Resources Corporation (NASDAQ:AREC) is redefining how critical and rare earth elements are both sourced and processed while focusing on the recycling of end-of-life products such as rare earth permanent magnets and lithium-ion batteries, as well as coal-based waste streams and byproducts to create a low-cost and environmentally-safe, circular supply chain. ReElement has developed its innovative and scalable “Capture-Process-Purify” process chain in conjunction with its licensed intellectual property including 16 patents and technologies and sponsored research partnerships with three leading universities to support the domestic supply chain’s growing demand for magnet and battery metals. For more information visit reelementtech.com or connect with the Company on Facebook, Twitter, and LinkedIn.
About American Resources Corporation
American Resources Corporation (NASDAQ: AREC) is a next-generation, environmentally and socially responsible supplier of high-quality raw materials to the new infrastructure market. The Company is focused on the extraction and processing of metallurgical carbon, an essential ingredient used in steelmaking, critical and rare earth minerals for the electrification market, and reprocessed metal to be recycled. American Resources has a growing portfolio of operations located in the Central Appalachian basin of eastern Kentucky and southern West Virginia where premium quality metallurgical carbon and rare earth mineral deposits are concentrated.
American Resources has established a nimble, low-cost business model centered on growth, which provides a significant opportunity to scale its portfolio of assets to meet the growing global infrastructure and electrification markets while also continuing to acquire operations and significantly reduce their legacy industry risks. Its streamlined and efficient operations are able to maximize margins while reducing costs. For more information visit americanresourcescorp.com or connect with the Company on Facebook, Twitter, and LinkedIn.
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.
Investor Contact:
JTC Team, LLC
Jenene Thomas
833-475-8247
arec@jtcir.com
RedChip Companies Inc.
Robert Foley
1-800-RED-CHIP (733-2447)
Info@redchip.com
Company Contact:
Mark LaVerghetta
Vice President of Corporate Finance and Communications
317-855-9926 ext. 0
investor@americanresourcescorp.com