LEXINGTON, Ky., Nov. 20,
2024 /PRNewswire/ -- Ramaco Resources, Inc.
(NASDAQ: METC, METCB, "Ramaco" or the "Company") today announced
that its Board of Directors has declared dividends for the fourth
quarter of fiscal year 2024 relating to both the Class A and Class
B common shares to shareholders of record on December 2, 2024 (the "Record Date"). The
dividends will be issued on December 16,
2024 (the "Payment Date").
Both the Class A and Class B dividends will be paid in shares of
Class B common stock and the number of shares to be issued will be
based upon the per share closing transaction price of the Class B
common stock reported by the Nasdaq Stock Market on the Record
Date.
Randall Atkins, Ramaco Resources'
Chairman and Chief Executive Officer commented, "With this
quarter's dividend we are offering our shareholders the opportunity
to receive normal dividends in the form of shares in our Class B
stock. This decision reflects our confidence in the Company's
future growth, but also our commitment to maintaining both high
levels of liquidity and financial optionality as we move into
2025.
This will enable us to maintain our already strong liquidity
position. It will also provide us with an ability to react to
opportunities which we feel may present themselves over the coming
months as coal markets experience continued turbulence.
In addition, we have seen an increasing amount of interest in
our Class B shares from investors as we have executed on our met
coal production growth platform and hope to soon move forward with
development of our critical mineral assets. Institutional investors
have also remarked to us to improve market liquidity in the Class B
common stock. The declaration of a stock dividend in the Class B
common stock answers that by an approximate 9% increase the METCB
public float, based on the Class A and B share prices as of
November 19, with the exact
percentage to be determined on the Record Date.
We will reserve the optionality to declare future dividends in
stock as future operations or market conditions might dictate."
The Board approved and declared the quarterly Class A common
stock dividend of $0.1375 per share
of Class A common stock payable on December
16, 2024, to shareholders of record on December 2, 2024. Given that this payment
will occur in the form of Class B shares, Class A holders will
receive a number of shares of Class B common stock for each share
of Class A common stock determined by dividing $0.1375 by the closing transaction price of the
Class B common stock on December 2,
2024.
The Board also approved and declared the quarterly Class B
common stock dividend of $0.2364 per
share of Class B common stock payable on December 16, 2024, to shareholders of record on
December 2, 2024. Given that this
payment will occur in the form of Class B shares, Class B holders
will receive a number of shares of Class B common stock for each
share of Class B common stock determined by dividing $0.2364 by the closing transaction price of the
Class B common stock on December 2,
2024.
No fractional shares will be issued in connection with the
above-described stock dividends. In lieu of the issuance of
fractional shares, the Company will pay in cash on the Payment
Date the fair value of the fractions of a share issuable,
determined as of the close of Nasdaq on the Record Date and based
upon the closing transaction price per share of the Class B common
stock reported by Nasdaq on that date.
ABOUT RAMACO RESOURCES
Ramaco Resources, Inc. is an operator and developer of
high-quality, low-cost metallurgical coal in southern West
Virginia, and southwestern Virginia and a developing
producer of rare earth and critical minerals in Wyoming. Its
executive offices are in Lexington, Kentucky, with operational offices
in Charleston, West Virginia and Sheridan,
Wyoming. The Company currently has
four active metallurgical coal mining complexes in Central
Appalachia and one development rare earth and coal mine
near Sheridan, Wyoming in the initial stages of
production. In 2023, the Company announced that a major deposit of
primary magnetic rare earths and critical minerals was discovered
at its mine near Sheridan, Wyoming. Contiguous to
the Wyoming mine, the Company operates a carbon research
and pilot facility related to the production of advanced carbon
products and materials from coal. In connection with these
activities, it holds a body of roughly 60 intellectual property
patents, pending applications, exclusive licensing agreements and
various trademarks. News and additional information about Ramaco
Resources, including filings with the Securities and Exchange
Commission, are available at https://www.ramacoresources.com.
For more information, contact investor relations at (859)
244-7455.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
Certain statements contained in this news release constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements represent Ramaco Resources' expectations or beliefs
concerning guidance, future events, anticipated revenue, future
demand and production levels, macroeconomic trends, the development
of ongoing projects, costs and expectations regarding operating
results, and it is possible that the results described in this news
release will not be achieved. These forward-looking statements are
subject to risks, uncertainties and other factors, many of which
are outside of Ramaco Resources' control, which could cause actual
results to differ materially from the results discussed in the
forward-looking statements. These factors include, without
limitation, unexpected delays in our current mine development
activities, the ability to successfully ramp up production at our
complexes in accordance with the Company's growth initiatives,
failure of our sales commitment counterparties to perform,
increased government regulation of coal in the United
States or internationally, the further decline of demand for
coal in export markets and underperformance of the railroads, the
expected benefits of the Ramaco Coal and Maben acquisitions to the
Company's shareholders, the anticipated benefits and impacts of the
Ramaco Coal and Maben acquisitions, and the Company's ability to
successfully develop the Brook Mine, including whether the increase
in the Company's exploration target and estimates for such mine are
realized. Any forward-looking statement speaks only as of the date
on which it is made, and, except as required by law, Ramaco
Resources does not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. New factors emerge from time to time,
and it is not possible for Ramaco Resources to predict all such
factors. When considering these forward-looking statements, you
should keep in mind the risk factors and other cautionary
statements found in Ramaco Resources' filings with the Securities
and Exchange Commission ("SEC"), including its Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q. The risk factors and
other factors noted in Ramaco Resources' SEC filings could cause
its actual results to differ materially from those contained in any
forward-looking statement.
POINT OF CONTACT
INVESTOR RELATIONS:
info@ramacometc.com or 859-244-7455
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SOURCE Ramaco Resources, Inc.
