LEXINGTON, Ky., Nov. 27,
2024 /PRNewswire/ -- Ramaco Resources, Inc.
(NASDAQ: METC, METCB, METCL) ("Ramaco Resources" or the "Company")
announced today the closing of its previously announced public
offering (the "Offering") of senior unsecured notes due 2029 (the
"Notes"). The Notes will mature on November 30, 2029, unless
redeemed prior to maturity. The Notes bear interest at a rate of
8.375% per year, payable in arrears on the 30th day of January,
April, July and October of each year, commencing on
January 30, 2025, and at maturity. The Company may redeem the
Notes in whole or in part, at the Company's option, at any time on
or after November 30, 2026, at a redemption price equal to
100% of the principal amount, plus accrued and unpaid interest to,
but not including, the date of redemption. In addition, the Company
may redeem the Notes, in whole, but not in part, at any time at the
Company's option, at a redemption price equal to 100% of the
principal amount plus accrued and unpaid interest to, but not
including, the date of redemption, upon the occurrence of certain
change of control events. The Notes are rated 'BBB' by Egan-Jones
Ratings Company, an independent rating agency.
The gross proceeds to the Company from the Offering, before
deducting commissions and expenses, were approximately $50 million. The Company intends to use the net
proceeds from the Offering for general corporate purposes,
including funding future investments, making capital expenditures
and funding working capital. The Company has granted the
underwriters a 30-day option to purchase up to an additional
$7.5 million aggregate principal
amount of Notes. The Notes were issued in minimum denominations of
$25.00 and integral multiples of
$25.00 in excess thereof.
In connection with the Offering, the Company has applied to list
the Notes on the Nasdaq Global Select Market ("Nasdaq") under the
symbol "METCZ." If approved for listing, trading on Nasdaq is
expected to commence within 30 days after the Notes are first
issued.
Lucid Capital Markets, LLC acted as lead bookrunner for the
Offering. B. Riley Securities, Inc., Janney Montgomery Scott
LLC and Piper Sandler & Co. acted as joint book-running
managers for the Offering. The Benchmark Company,
LLC, InspereX LLC, TCBI Securities, Inc., doing business
as Texas Capital Securities, and William Blair & Company,
L.L.C. acted as lead managers for the Offering.
ArentFox Schiff LLP served as legal counsel to Ramaco Resources
for the Offering. Hunton Andrews Kurth LLP served as legal counsel
to the underwriters for the Offering.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the Notes described herein, nor
shall there be any sale of the Notes in any state or other
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. This Offering was made by
the Company pursuant to a registration statement on Form S-3
(File No. 333-274324), which was declared effective by the
United States Securities and Exchange Commission ("SEC") on
September 29, 2023. The Notes may only be offered by means of
a prospectus and prospectus supplement that meet the requirements
under the Securities Act of 1933, as amended. Copies of the final
prospectus supplement and the registration statement are available
on the SEC's website at www.sec.gov. Copies of the final prospectus
supplement and the accompanying prospectus relating to the Offering
may be obtained by contacting Lucid Capital Markets, LLC at 570
Lexington Ave, 40th Floor, New York,
NY 10022 at telephone number (646)-362-0256, or via email
at: Prospectus@lucidcm.com.
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. For more information about Ramaco Resources,
please contact investor relations at (859) 244-7455.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
Certain statements contained in this press 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
press release will not be achieved. Forward-looking statements in
this press release include, without limitation, the expected use of
proceeds from the Offering. These statements relate to future
events, future expectations, plans and prospects. 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 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.
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SOURCE Ramaco Resources, Inc.
