American Resources Corporation (NASDAQ:AREC) said it has received an allocation commitment totalling $4.9 million in federal New Markets Tax Credits for its Wyoming County coal (WCC) complex in West Virginia.
The company noted the funding follows the West Virginia Economic Development Authority's support of a resolution preliminarily approving the issuance of up to $45 million of Tax-Exempt Solid Waste Disposal Facility Revenue Bonds, Series 2022 on behalf of American Resources’ wholly-owned subsidiary Wyoming County Coal LLC, which is expected to close within the next 90 days.
American Resources CFO Kirk Taylor said the company is excited with the continued support of its innovative business model by both the federal and state governments.
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“By securing additional patient and non-dilutive capital, we can focus on bringing new-age growth to the state of West Virginia that matches the needs of our modern and transitioning electrified economy,” he said.
“We believe our WCC complex will help usher in the next generation of natural resource capabilities to the region, its workforce and communities while also helping fuel our domestic demand for rare earth and critical elements."
American Resources is a next-generation, environmentally and socially responsible supplier of high-quality raw materials to the new infrastructure market.
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